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Vale drops iron ore bombshell

It seems like every week a new iron ore price forecast emerges and most of them aren't pretty. Now, the world’s biggest miner of the steel-making material has, indirectly, given its take on the market.

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Ahead of schedule … Vale’s 90Mtpa S11D iron ore project in Carajás, Brazil (photo: Vale)

On a recent investor tour of its operations in Brazil, Vale said it would close any of its iron ore mines which did not generate positive cash flow at a price of US$45/t.