The price of iron ore will remain above $150 a tonne for at least the next five years, according to Vale, the top miner of the commodity.
The bullish prediction by Guilherme Cavalcanti, finance director of the mining group, is the latest contribution to a debate on the outlook for the iron ore market that has polarised analysts and investors.
Used to make steel, iron ore is the largest contributor to the profitability for the three largest mining groups: BHP Billiton, Vale, and Rio Tinto . And if Vale’s forecast is correct, the three companies’ shares would be expected to rise sharply.
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