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Brazilian iron ore production is expected to reach 417 million tons by 2020, up 3%, according to a Brazilian mining report on Sep.24. This is due to the recovery of 40 million tons of stagnant capacity, and will increase 25 million tons by 2021. Vale production fell 18.2% in the first quarter of 2020 from a year earlier due to limited operational maintenance and the new crown epidemic. As a result, Rio took the lead in Vale production, which produced 66.8 million tons of iron ore in the same quarter.
During the forecast period (2020-2024), the annual compound growth rate (compound average growth rate) of iron ore production is expected to be 4.5 and will reach 498.3 million tons in 2024.
Source: China Mining Network
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