Brazil’s Vale has reported a 5.5% increase in its third-quarter iron ore production, reaching 91 million metric tons, the highest output in nearly six years. Key highlights include:
Production Surge: The increased output is attributed to enhanced performance at key Brazilian mining projects: S11D, Itabira, and Brucutu.
Future Forecast: Vale has raised its 2024 iron ore output forecast to between 323 million and 330 million tons following a strong first half of the year.
Sales Performance: Iron ore sales rose by 1.6% year-on-year to 81.8 million tons, driven primarily by increased pellet shipments.
Analyst Insights: RBC Capital Markets noted that Vale’s production exceeded expectations, positioning the company well to meet its full-year guidance despite a slight lag in sales volumes compared to production.
Price Trends: The average realized price for Vale’s iron ore fines was approximately $91 per ton, down nearly 14% year-on-year, influenced by price adjustments and market conditions.
Copper and Nickel Production: Vale also reported a 5% increase in copper production to 85,900 tons and nearly a 12% rise in nickel output to 47,100 tons, reflecting improvements across its mining projects.
Vale’s strong performance in iron ore and other metals reinforces its status as a leading global supplier.