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Vale Gain Spells Iron Pain With Giant Mine Ahead of Schedule

Vale plans to manage S11D ramp-up to preserve premiums
Miner is fully funded with base metals IPO ‘off the table’

By

Danielle Bochove and

Juan Pablo Spinetto

September 30, 2015, 7:35 PM UTCUpdated onOctober 1, 2015, 1:00 PM UTC

The world’s top iron-ore producer has some bad news for the oversupplied market: its biggest project is running ahead of schedule.

S11D, part of the Carajas mining complex in northern Brazil, is on track to beat a targeted December 2016 start date, Vale SA Chief Financial Officer Luciano Siani said in an interview Wednesday.