The Brazilian mining company, Vale, is reporting a 12.6 percent increase in iron ore production compared to the same time period last year.
Currently, the world’s mining titans, Vale, Rio Tinto and BHP Billiton, are all increasing iron ore capacity in move expected to squeeze higher-cost producers out of the market. However, there is also a sharp decline in the price of iron-ore, which fell to 22-month lows during the period. Vale has produced 79.45-million tons of iron-ore in three-month period ending June 30. This production record was helped along by the improved weather conditions and the ramping up of production at the company’s flagship Carajas mine in Brazil’s Amazon as well as its mines in the southern highland state of Minas Gerais.