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[Ferro-alloys.com]:Brazilian miner Vale SA on Wednesday forecast that it would produce about as much iron ore next year as this year, and its shares fell more than 4% on the muted outlook and forecasts for steadily rising capital expenditure.

Vale’s outlook echoed weakness at other global miners like Rio Tinto on worries about weak prices for iron ore used to make steel.

“Overall, we view the revised guidance as marginally negative for Vale … but positive for iron ore,” JP Morgan analysts said in a research note.

Vale updated its forecasts in a securities filing as it held an investor day in New York. The company said it expects to produce between 310 million and 320 million tonnes of iron ore in 2023, about even with about 310 million this year and 315.6 million in 2021.

Company executives in New York said Vale is less concerned about total volume than about boosting output of high-quality iron ore that allows customers to use less energy to process it.

“We will make more money that way than by making 400 million tonnes of low grade iron ore,” said Chief Executive Eduardo Bartolomeu, adding that concerns about carbon emissions are leading steel processors to seek higher quality ores.

The securities filing added that the miner plans to boost capital expenditure to $6.0 billion next year from $5.5 billion in 2022, and to an annual average of $6.0-6.5 billion between 2024 and 2027.

• [Editor:Alakay]