Brazilian mining giant Vale updated its production and investment forecasts for the coming years.

For iron ore, the company expected to produce about 328 million tons in 2024, rising from its previous estimate of 323 million to 330 million tons.

Besides, the production was predicted to range from 325 million tons to 335 million tons in 2025, 340 million tons to 360 million tons in 2026, and more than 360 million tons by 2030.

Broken down by business divisions, the investment in iron ore for this year was forecasted to be US$3.5 billion to US$4 billion, and the investment in the energy transition metals segment would be US$2.5 billion to US$3.0 billion.