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Venezuela's Ferrominera eyes 2017 iron ore output at 7.5 million mt

Sao Paulo — Venezuela's sole iron ore producer, Ferrominera Orinoco, expects to produce around 7.5 million mt of iron ore during 2017, it said Thursday. The company produced 8 million mt during 2016.

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During the first half of the year, FMO produced 3.4 million mt. During the last week, the company said in a statement it produced 155,462 mt of iron ore, the best result since May.

FMO's current installed capacity is 25 million mt/year of iron ore, 3.3 million mt/year of pellets and 1 million mt/year of HBI.

The company plans to expand its annual iron ore production capacity to 40 million mt from the current 25 million mt within the next three or four years as a result of planned railway construction.

Located in Puerto Ordaz, Bolivar state, FMO is Venezuela's sole iron ore producer and supplies all Venezuela's steelmakers and HBI producers. Depending on production and domestic demand, it also allocates product for export.

--Guilherme Baida, guilherme.baida@spglobal.com
--Edited by Annie Siebert, ann.siebert@spglobal.com