According to the report, CEO of mining giant Vale SA said that the company will operate at full capacity once the iron ore prices rose.

Currently the company set the limitation of annual production at 400 million tons of iron ore. The company was willing to operate by full capacity to 450 million tons only if prices rose again.

The company posted a record quarter iron ore production by 96.8 million tons even facing the national wide truck drivers’ strike in May.

The expectation of total iron ore production this year will be 390 million tons.