Vale: Iron ore prices to rise in 2010
Date added: 15th December, 2009 at 09:46
(view all articles from December, 2009)
Categories: Natural Resources
Investment in Brazil's natural resources could be a wise move, as the head of a mining giant has said that iron ore prices are set to rise in 2010.
Roger Agnelli, chief executive of Brazilian company Vale, told Reuters: "I think it's going to be a positive year, and iron prices are showing a tendency towards increase, but I do not know by how much."
He went on to add that the higher prices would be generated by rising demand from China, which is the world's top country for importing iron.
The company has yet to begin negotiating next year's benchmark prices for its iron ore exports with China, Agnelli revealed, adding that its current deals were in place until April.
Due to these current agreements, he remarked: "There is no need to accelerate negotiations."
There have been a number of developments in the country's mining sector in recent times.
Earlier this month, Largo Resources announced a new investment in Rio Grande do Norte's tungsten industry which will see it take over tungsten reserves in the state.
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