Brazilian iron-ore giant Vale has set an ambitious goal two years after a major dam disaster that was followed by coronavirus-related disruptions: producing 450m tonnes of iron ore per year by the end of 2022.

That is welcome news for capesize bulker owners after the Eduardo Bartolomeo-led miner's Brumadinho dam gave way in January 2019, slashing the producer's annual output amid company-wide infrastructure testing and maintenance stops.

40m tonne hike

Vale has done its best to dig up as much of the essential steel ingredient as possible since the breach that killed more than 200 workers, resolving to come up with from 315m tonnes to 355m tonnes this year.