Nov. 6 (Bloomberg) -- Anglo American Plc plans to boost its output of iron ore fourfold by 2016 to boost its share of the export market for the commodity, said Cynthia Carroll, the company's chief executive officer.

The London-based company plans to produce 150 million metric tons of the steelmaking raw material by 2016 to capture 13 percent of the seaborne iron ore export market, Carroll said in a copy of a speech distributed at the Sishen mine in South Africa's Northern Cape Province today.

The company ``is well placed to weather the storm'' caused by the slowdown in global economic growth and the medium and long-term view of commodity prices is a ``bright one,'' she said.

Kumba Iron Ore Ltd., controlled by Anglo, operates the Sishen mine.

To contact the reporter on this story: Ron Derby in Johannesburg at rderby1@bloomberg.net

Last Updated: November 6, 2008 02:24 EST