RIO DE JANEIRO/SAO PAULO - Brazilian miner Samarco is expected to add $5.1-billion in net revenue by 2042 and bring forward its iron-ore output goal after signing a 20-year production agreement with Vale SA, it said on Thursday.
Samarco, an iron ore joint venture of Vale and BHP Group, is looking to hit its output guidance sooner than expected as it now plans to resume production at its C#2 and C#1 ventures in 2026 and 2029, respectively, from previous expectations for 2028 and 2030.
The miner expects to reach total production of 25.7-million tonnes of iron ore pellets in 2030, a year earlier than previously projected.
The company has been operating at a reduced capacity since late 2020, when it resumed production after being shut for five years following the deadly collapse of a tailings dam near the city of Mariana in the state of Minas Gerais, which killed 19 people and caused massive environmental damage.