Brazil Vale Only Major Iron Ore Miner With Extra Capacity -CEO


RIO DE JANEIRO -(Dow Jones)- Brazilian mining giant Companhia Vale do Rio Doce
(VALE) is the only major iron ore supplier with extra capacity at present, chief
executive Roger Agnelli said Thursday in an analysts conference.


"Our competitors are working at full capacity, the market is tight and we can
supply this," Agnelli said.


Agnelli was referring to Australia's BHP Billiton Ltd. (BHP) and Rio Tinto
Co.(RTP).


"We're in the same situation with nickel, the market has consumed all the
stocks. We're best-placed to supply this market too," he said.


Agnelli said he believed the iron ore market bottomed in the first quarter,
and Vale was in a good position to take advantage of the recovery.


Agnelli said Vale had no iron ore stocks at the moment.


Agnelli also said while Brazil's "domestic market is not getting any worse, it
is not recovering yet".