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QINGDAO, China, Sept 23 (Reuters) - Top iron ore miner Vale will cut the cost of producing the commodity to less than $13 per tonne by 2018 from nearly $16 currently, an official said on Wednesday, making the Brazilian company the world's lowest-cost producer.
"Vale is progressing to reach the lowest cash cost of the industry and will be competitive at any price scenario," Claudio Alves, global director of marketing and sales at Vale, told an industry conference.
The cost reduction will come after the completion of the company's 90-million-tonne expansion project known as S11D in the Brazilian Amazon, Alves said. (Reporting by Manolo Serapio Jr. and Ruby Lian; Editing by Himani Sarkar)