Vale forsakes volume for value in boost to iron-ore's nascent price recovery
Vale is abandoning plans to get back to iron ore production levels prior to a 2019 waste disaster, offering supply-side support to the global market just as Chinese demand picks up.
The Brazilian mining giant has been slowly ramping back up after losing its mantle as the world’s biggest producer of the steelmaking raw material in the wake of the tailings dam collapse. But on Wednesday, management delivered lower-than-expected production guidance for next year and trimmed its longer term outlook.