Monday, 06 Jun 2011
The Australian reported that Brazilian mining company Vale's top finance executive said that the company aimed to invest as fast as possible to forge ahead with its plan to double production capacity over the next five to six years.
Mr Guilherme Cavalcanti CFO of Vale said that global prices for iron ore, the company's main product, are today about USD 170 per tonne on the spot market way higher than our production costs and would remain at current high levels.
Mr Cavalcanti said that "Twenty two new cities are being built every year in China. This will keep iron ore prices up. That commitment to Vale's USD 24 billion investment program for this year, reinforced by the company's newly installed chief executive Mr Murilo Ferreira had helped Vale's shares start to recover.”
He said that Vale's shares suffered with the changeover of president. Foreign investors were frightened off but Mr Murilo's arrival was an excellent sign that there was no government interference.
Mr Cavalcanti noted that Mr Ferreira knows Vale well as he worked for the company, mainly in the aluminum and nickel areas, from 1998 until 2008 when he left to work in a consultancy with Mr Gabriel Stoliar former Vale executive director.(sourced TheAustralian)
The Australian reported that Brazilian mining company Vale's top finance executive said that the company aimed to invest as fast as possible to forge ahead with its plan to double production capacity over the next five to six years.
Mr Guilherme Cavalcanti CFO of Vale said that global prices for iron ore, the company's main product, are today about USD 170 per tonne on the spot market way higher than our production costs and would remain at current high levels.
Mr Cavalcanti said that "Twenty two new cities are being built every year in China. This will keep iron ore prices up. That commitment to Vale's USD 24 billion investment program for this year, reinforced by the company's newly installed chief executive Mr Murilo Ferreira had helped Vale's shares start to recover.”
He said that Vale's shares suffered with the changeover of president. Foreign investors were frightened off but Mr Murilo's arrival was an excellent sign that there was no government interference.
Mr Cavalcanti noted that Mr Ferreira knows Vale well as he worked for the company, mainly in the aluminum and nickel areas, from 1998 until 2008 when he left to work in a consultancy with Mr Gabriel Stoliar former Vale executive director.(sourced TheAustralian)
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