Tue Jul 5, 2011
Coal could be a driver of growth for Brazilian mining giant Vale (VALE.N: Quote)(VALE5.SA: Quote) as it increases production of the key steel ingredient by as much as 35 million metric tonnes over the next ten years, Citigroup analysts said in a report on Tuesday.
The ramp-up in coal output could generate $8 billion in additional revenues -- coal only responds for less than 2 percent of the company's annual revenue, Citigroup said. Vale currently produces 7 million tonnes of coal, and high costs have been a problem for the company. Reuters
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