Brazilian miner predicts record exports in 2010
Date added: 20th January, 2010 at 09:34
(view all articles from January, 2010)
Categories: Natural Resources
Now could be the right time to make an investment in Brazil's natural resources, as a major mining company has forecast record international sales over the next 12 months.
Exports of iron ore may reach their highest level ever in 2010 as overseas markets in Europe emerge from the grip of recession and China's economy continues to flourish, claimed Jose Carlos Martins, Vale's executive director of ferrous metals.
"Demand is very strong in the market today," Mr Martins told Reuters. "You have a scenario of recovery in the West and strong demand in Asia - the combination of those two things gives you a scenario of scarcity."
He went on to add that Vale, which is the biggest iron ore miner in the world, is currently able to produce 310 million tonnes of the product per year.
Mr Martins' comments come after the company announced an investment in Brazil's North Eastern State of Ceara.
According to a report from domain-b.com, it will construct a steel mill in the region at a cost of around $4 billion (£2.5 billion).
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