Iron ore prices jumped on Thursday after Vale reported 4Q20 output of 84.5 million tonnes, a 5% decline from the third quarter (88.6 million tonnes).
Vale is still looking to return to a capacity of 400 million tonnes, which would see it regain the title of world’s biggest producer that it lost to Rio Tinto in the wake of the Brumadinho dam disaster two years ago.
But the production recovery is taking longer than anticipated, as Vale navigates legal and pandemic obstacles. That helped fuel last year’s price rally that pushed up earnings.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.