Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash.

World No. 2 iron ore supplier Vale SA delivered a bigger-than-expected increase in production last quarter in a result that may undermine prices of the key steelmaking ingredient.

Brazilian mining company Vale expressed optimism about the growth prospects of the Chinese economy and asserted its strategic position to contribute to China's high-quality development.

Iron ore shipments from Western Australia's (WA) Port Hedland rallied in December, although 2023 exports were below 2022 as increased sales to India and Vietnam were offset by reduced deliveries to China and Japan.

UK-Australian mining firm Rio Tinto shipped 331.81mn t of iron ore from Western Australia (WA) in 2023.

According to data from the Brazilian Ministry of Development, Industry, and Foreign Trade (Mdic), iron ore exports reached a total of 378.5 million metric tons in 2023.

Jishi, a tunnel boring machine (TBM), was put into use on Sunday in China's underground iron mine construction in Anshan city, Northeast China's Liaoning province, Liaoning Daily reported.

Brazilian iron ore miner Vale announced that it has officially inaugurated the world's first iron ore briquette plant at itsTubarao Unit in Vitória.