Vale posts record iron ore production

Brazilian miner Vale ramped up its iron ore production by 6.5 per cent last year.

The biggest iron ore producer in the world, the company said it produced 82.97 million tonnes in the fourth quarter, up 2.1 per cent.

This helped the miner record a total production record of 319.22 million tonnes, a 6.5 per cent increase on a year earlier.

In August Vale announced its intention to double iron ore exports to China over the next five years.

The plan was revealed at around the same time the iron ore price started to crash as a ramp up in production by Vale coincided with BHP Billiton and Rio Tinto 's expansion plans. This saw more iron ore enter the market than it could absorb.

Vale’s nickel production rose 8.4 per cent in the fourth quarter to 73,600 tonnes and full-year nickel output was the highest since 2008 at 275,000 tonnes.

Copper production achieved the new annual record of 379,700 tonnes in 2014 while coal production was 1.4 per cent lower at 8.6 Mt.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.