Vale Looking to Mine Asian Markets Besides China, Globo Says
Vale SA, the world’s largest iron-ore producer, must not limit itself to the Chinese market since other Asian markets are demonstrating important growth, President Murilo Ferreira told newspaper O Globo.
Taiwan, Indonesia and Vietnam are among the countries Vale will focus on, Ferreira said, according to an interview published today in the Rio de Janeiro-based newspaper.
The company will direct its investment to a smaller number of projects that require large amounts of capital, Ferreira said, according to Globo. Its iron-ore and steel project in Guinea will be delayed because of legislative uncertainties in that country, he said.
The devaluation of Brazil’s currency in the quarter ended in June will affect Vale’s debt and profit levels because its debt and revenue are in dollars, Ferreira said, according to Globo.
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