Vale was not afraid of the recent weak iron ore prices and will maintain its annual production target of 400 million tons by 2023. Vale's Chief Executive Fabio Schvartsman said that China's price has been expected to decline in the winter, so some stocks will be sold by early next year, and prices were expected to pick up early next year.

Vale has replaced low-quality mining operations with new high-quality iron ore, and strove to increase the market share of high-quality iron ore from the current 81% to 95% by 2022, as China was currently unable to solve the pollution caused by the steelmaking process, so demand for high-grade iron ore was strong, and high-grade iron ore in the market will maintain a premium.

Vale will spend US$770 million to expand the northern mine, and expected to have an annual production capacity of 240 million tons from 2022. In addition, it will spend US$820 million to expand the iron ore pellet output of the southern mine, and the annual output will increase to 20 million tons in 2025.

Also, Vale will invest US$130 million to expand production capacity in Malaysia's distribution center, which was expected to increase to 40 million tons per year. Mozambique's current annual production was 12 million tons, and it was expected to grow to 20 million tons in 2021.