Iron ore is going to crash for years

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Via Yahoo:

With iron ore markets tight and margins at astronomical levels, Vale SA (VALE) has announced that its board of directors have approved the implementation of the Serra Sul 120 Project, in Canaã dos Carajás, Brazil.

The Serra Sul 120 Project consists of increasing the S11D mine-plant capacity by 20 Mtpy, which will total 120 Mtpy at site, and has total multiyear investments of $1.5 billion. Its start-up is expected in the first half of 2024.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.