Vale sees 2021 iron ore output of 315-335 mln tonnes

Brazilian miner Vale said on Wednesday that it expects to produce 315-335 million tonnes of iron ore in 2021 after producing 300-305 million tonnes this year, missing a prior 2020 target of producing at least 310 million tonnes.

Vale said in a securities filing that it expects capital spending will rise to $5.8 billion in 2021 from $4.2 billion this year and average $5.5 billion in subsequent years. The miner expects to set aside an additional $670 million in fourth quarter earnings to decharacterize dams and improve safety, bringing total provisions for that purpose to $2.7 billion following a deadly dam collapse last year.

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