Brazil: Vale may deliver record amount of ore to China in first quarter

25 February 2009

Rio de Janeiro, Brazil, 25 Feb – Brazilian mining giant Vale (formerly Companhia do Vale do Rio Doce – CVRD), is expected to beat its quarterly record for deliveries of iron ore to China in the first quarter of 2009, with China accounting for 30 million tonnes of total iron ore exports of 50 million tonnes, one of the group’s executives said Tuesday in Rio de Janeiro.

The chief financial officer and director of investor relations for Vale, Fábio Barbosa said that the increase in exports to China was “encouraging” although it did not mean that the cooling of world demand had been solved.

Barbosa said that it was still too early to talk about such a change, “as we are still at volumes of less than exports in the third quarter of 2008, which was 80 million tonnes.”

During the presentation of the group’s results for 2008, Barbosa noted that the company continued to seek out good opportunities in products such as coal and fertilisers. (macauhub)