Vale SA, a major iron ore producer based in Brazil, announced its expectation to reach the upper end of its 2024 production forecast after a significant increase in iron ore output during the second quarter. The company reported that production climbed 2.4% y-o-y to 80.6 million tons for the quarter ending June 2024.
Following this strong quarterly performance, Vale is now poised to achieve its annual production goal, which is set between 310 and 320 million tons. The increase this quarter was primarily driven by robust operations at its S11D and Vargem Grande mining complexes located in Brazil. These sites were instrumental in achieving a 7.3% increase in iron ore sales, totaling 79.8 million tons, boosted in part by the liquidation of existing inventories.
Vale has announced that it will release its comprehensive financial results for the second quarter on July 25, providing further insights into the company’s financial health and operational status.
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