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Brazil: Record Production as Prices Slump
Reuters reports:
Brazilian miner Vale SA produced record amounts of iron ore, nickel, copper, cobalt and gold as it battled a slump in global metals prices by boosting output in search of greater market share.
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Along with Australian rivals BHP Billiton Ltd and Rio Tinto Ltd, Vale has moved to ramp up output of iron ore in the face of a 28 percent drop in prices in the past year and 75 per cent over five years.
Vale and its rivals are betting on their lower costs and higher volumes pushing out smaller rivals and stabilizing prices even as demand slows in China, the world’s largest steelmaker and iron ore buyer.