The Vale group is expected to benefit from efforts being made by China to reduce pollution and the resulting closure of small polluting steel plants and the import of high-quality iron ore, said the chief executive of the Brazilian mining group.
Fabio Schvartsman, quoted by the China Daily newspaper, also said that the group has a large and very successful iron ore business that allows customers to buy high-quality ore, “something that is important for China at the present moment.”
The chief executive pointed out that the group has started exploring new iron ore deposits in Carajás, in Pará State, but added that the current strategy is to reduce the high dependence on iron ore exports in favour of metals such as nickel, copper and cobalt.
“This is due to the fact that China is moving fast in the production of electric cars, with the consequent need for more batteries, something that will make a demand for these three metals increase in the short/medium term,” said Schvartsman. (macauhub)