Brazilian mining company Vale will increase output 50 percent to 450 million tons by 2015 to satisfy strong demand from China, the largest iron ore consumer, said Vale Minerals China president Luiz Meriz at the Asian Financial Forum in Hong Kong.
He said that Vale is making large investments to increase iron ore production to satisfy growing Chinese demand, as the iron ore producer aims to expand its presence in Asia following its debut on the Hong Kong stock exchange in December.
Meriz said that because the majority of Vale’s reserves are located far from Asia, the company is beefing up investment in logistics. Vale will set up a fleet of more than 20 ships with a capacity of 400,000 tons each shuttling between Brazil and China.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.