December 2, 2019 / 6:22 PM / 8 months ago

Vale says sees $5 billion of capex in 2020, another $5 billion in 2021

FILE PHOTO: A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo

(Reuters) - Brazilian iron ore miner Vale (VALE3.SA) said on Monday that it expects capital spending to total $5 billion in 2020 and 2021 as it ramps up technologies aimed at reducing the use of tailings dams after two deadly accidents in four years.

The company also expects iron ore production to recover in the coming years from a sharp drop after the Brumadinho dam burst, hitting between 390 million and 400 million tonnes in 2022, executives said in an investor presentation in New York.

Reporting By Christian Plumb, Roberto Samora and Rodrigo Campos, Editing by Franklin Paul

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