Brazil’s MMX will more than triple its iron ore output capacity by 2015 through a $1.2bn investment.
The company will achieve an annual production capacity of 33.7 million tonnes compared to the current nine million tonnes.
MMX president Roger Downey said the overall investment would be in the range of $1bn to $1.2bn in order to achieve the 33.7 million tonnes target.
“We should reach that [target] around 2014, 2015,” Downey said.
A major portion of production will be directed towards the Chinese market, which has a huge raw materials requirement for its expanding steel sector.
The investment will be used for extension of the Southeastern system, which covers the Bom Sucesso project and the annum Serra Azul mine.
In 2009, MMX’s production capacity reduced 50% due to last year’s economic downturn, but is now back near capacity.