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Brazil Vale's Serra Sul Project to Have Company's Lowest Costs - Martins

SAO PAULO--Brazilian mining company Vale SA (VALE, VALE5.BR) said Wednesday its new Serra Sul iron-ore project in the Brazilian Amazon will have the lowest production costs among the company's mines. Serra Sul, the world's biggest iron-ore project to date with a projected annual output of 90 million metric tons of high-quality iron ore, will have "extremely low costs," Vale's ferrous and strategies director, Jose Carlos Martins, said at the Brazil Steel Institute annual congress in Sao Paulo. Serra Sul, due to start producing in 2016, will export iron ore to Asia, where Vale currently sells as much as 70% of its iron ore, as crisis-ridden Europe is only showing "marginal demand," Mr. Martins said. China, Vale's single biggest customer for iron ore, currently consumes 50% of the world's seaborne iron ore and 80% of the world's total iron-ore output, including the country's own production, Mr. Martins said. Due to continued steel demand for urbanization projects, China may eventually consume as much as 90% of the world's total iron-ore output in coming years, Mr. Martins said. Write to Diana Kinch at diana.kinch@dowjones.com.

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
07/29/201417:41:02Brazil Stocks Close Lower; Real Weakens Against Dollar
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update
04/30/201411:49:46Vale Earnings Fall on Sliding Iron-Ore Prices -- Update
04/25/201408:40:10Brazil Court Rules in Favor of Vale
04/25/201408:00:12Brazilian Court Rules in Favor of Vale in Foreign-Tax Dispute

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