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Brazil’s Largest Mining Company Is Under the China Effect

The Rio Doce Valley Company (CVRD) plans to invest US$ 5.3 billion this year on expansion and modernization projects in Brazil and abroad. The plans were announced Thursday, January 26, by company president, Roger Agnelli.

The capital will be used for transportation infrastructure, electric power, and the expansion of production capacity, among other projects.

As a result of these investments, the CVRD hopes to attain an annual production of 264.4 million tons of iron ore by the end of this year and 300 million tons in 2007.

According to Agnelli, the company’s growth is mainly the result of increased ore exports to China, which he referred to as the "China effect." "This has generated an extraordinary demand in the mining industry."

Agnelli went on to say that the company expects to create 137 thousand new jobs this year: 92.9 thousand in the company itself and 43.7 thousand in companies hired for outsourcing and service providers.

In his announcement of the investments and expectations for 2006, Agnelli emphasized that Brazil constitutes a promising market for the iron ore mined by the company, which currently sells the bulk of its production to Asia, Europe, and the United States.

"It’s a market that still has a lot of room to grow. Brazil has logistics, iron ore, and industries with extremely modern installations that are already producing high-quality steel," he observed.

Agência Brasil

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