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Vale SA’s iron ore production fell short of estimates in the third quarter as the world’s largest producer of the steelmaking ingredient faced challenges at a mine in northern Brazil.
The head of top iron ore producer Vale SA estimates that a surge in energy and freight costs triggered by conflict in the Middle East is making about 10% of supply in the global seaborne market unprofitable.
Brazilian iron ore giant Vale SA is considering to raise as much as 3.5 billion yuan ($522 million) in its debut issuance in China’s bond market. This move aligns with a growing number of issuers diversifying funding sources and looking for cheaper options.
Vale SA Chief Financial Officer Marcelo Bacci stated that iron ore is a resilient commodity with stable demand. He also mentioned that the mining giant may consider tapping the Chinese bond market in the near future.
Vale SA shareholders elected Manuel Lino Silva de Sousa Oliveira as chairman on Wednesday, concluding weeks of boardroom turmoil sparked by an effort from one of the Brazilian mining giant’s largest investors to reshape the company’s leadership.
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