One of the world’s largest mining companies, Brazilian mining giant Vale, reports that it expects total iron-ore production to rise by at least 50% by 2015.
The company adds that this will be driven by strong commodity demand from China and India, which are showing robust recoveries from the worst financial crisis to rock the world since the great depression in the 1930s.
Speaking at a financial forum in Hong Kong, Vale Minerals China Co president Luiz Meriz said the company was making large investments to increase iron-ore production to satisfy growing Chinese demand.
"At the height of the expected demand increase, Vale should be producing about 450-million tons of high-quality iron-ore," says Meriz, adding that, basically, all additional production was likely to serve the Chinese market.
Meanwhile, Vale has announced that it has finalised negotiations on a new two-year collective labour agreement with the workers union representing employees at the company's mining and processing operations in Indonesia.
This marks the fourteenth labour agreement successfully negotiated between the company's Indonesian operations PT International Nickel Indonesia and the Workers Union.