Vale forecasts decline in iron ore output in 2016

Brazilian miner and iron ore producer Vale expects a slight decline in iron ore production in 2016.

Commenting the company’s iron ore in Q1, Vale said production for the rest of the year “suggests an annual production towards the lower end of our original guidance of 340-350 million mt.”

In 2015, the company produced 345.9 million mt of the commodity.

As Vale completes its S11D iron ore project, iron ore production should increase to between 380 million and 400 million mt in 2017.