Brazilian mining company Vale has said that the majority of its revenue (80%) is expected to come from Asia over the next five years.

Speaking at a press conference in London, Vale CEO Roger Agnelli said Asia will be “the engine for growth” and that the mining industry should be prepared for this.

The predicted growth is due mainly to the process of urbanisation in China as it seeks supplies of raw materials for construction and the production of consumer goods, Agnelli said.

“We already have a strong presence in Asia but we would like to set up an iron ore facility in China. The mayor of Shanghai told me that he would like to bring big international companies over there to compete with Hong Kong.”

“China is not a bubble. There’s no alternative to dependence on China,” Agnelli added.

In 2009, the company produced 238 million metric tons of iron ore, of which 142 million metric tons were sold to China, reported Reuters.