Brazilian mining company Vale reported a 5,5% increase in its iron ore production during the third quarter of 2024, reaching 91 million metric tons, the highest quarterly output since the last quarter of 2018. The company's improved performance at its key mining operations—S11D, Itabira, and Brucutu—was a major factor in this growth. This production boost follows a strong first half of the year, leading Vale to raise its 2024 production forecast to 323-330 million tons.
Iron ore sales during the third quarter rose by 1,6% year-on-year to 81,8 million tons, driven largely by increased pellet shipments. Despite the rise in production, sales volumes lagged behind, with the company reporting a buildup of inventory in its iron ore division. Vale expects to reduce this stock in the coming quarter, which could positively impact market estimates for the company’s 2024 core earnings.
In addition to iron ore, Vale also reported gains in its base metals segment. The company's copper production grew by 5% year-on-year to 85,900 tons, while nickel output rose by nearly 12% to 47,100 tons, thanks to stronger performance at its Canadian projects, including Sudbury and Voisey’s Bay.
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