Brazilian mining giant Vale's CEO, Roger Agnelli, has said that the company is expected to work at full capacity and produce 300 million mt iron ore in 2010, rebounding from its low output in 2009, international newswires have reported. Speaking to the press in Sao Paolo, Mr. Agnelli said that the Brazilian company will increase its output, which was cut back due to the financial crisis, following the recent increase in market demand.
Vale's iron ore production reached 301.7 million mt in 2008, showing a slight decrease of 0.5 percent compared to the 2007 figure of 303.2 million mt. This was the first reduction in Vale's annual production of iron ore since 1999. Vale's output is expected to fall by a further 30 million mt in 2009.
According to the company's website, its investment budget for 2010 includes expenditure of $12.9 billion based on US GAAP (US General Accepted Accounting Principles) dedicated to sustaining existing operations and promoting growth through research and development and project implementation.