CVRD sees 2003 output growing 3.5% to 170Mt

Brazilian mining giant Companhia Vale do Rio Doce (CVRD) expects iron ore production to grow some 3.5% this year to 170Mt, company CFO Fabio Barbosa said Thursday. Last year, CVRD produced 164Mt. CVRD, the world's largest iron-ore exporter, has managed to increase production even though it has been operating at the limit of capacity, Barbosa said. According to Barbosa, CVRD has invested US$1.52bn so far this year. Of this total, US$634.2mn went to expansion projects, while US$382.9mn were channeled to maintenance of existing operations and US$502mn to acquisitions. CVRD late Wednesday reported year-to-September net earnings of 3.72bn reais ($1 = R$ 2.90), representing a bulky 640% rise from the same period of 2002. by Monica Ciarelli