Vale SA said that it may reopen its Gongo Soco mine in Brazil’s central highlands in coming months as the world economy shows signs of recovery.

The report quoted Mr Roger Agnelli CEO of Vale as saying that Vale will restart one of four iron ore pellet plants at the Port of Tubarao.

Mr Agnelli said that world steelmakers are operating at about 50% capacity with the exception of China, which is working at a higher level. This year will likely be difficult and the ore market may take years to get back to 2008 levels.

Mr Agnelli added that “We are already seeing the first modest signs of recovery. We could have a positive surprise at the end of this year or the start of next year.”

(Sourced from Bloomberg.net)