Vale SA reported a strong first quarter in 2024 with a significant increase in iron ore sales and production. The company's iron ore sales rose by 15% year-over-year to 63.8 million tons, while production increased by 6% to 70.8 million tons, attributed to improved operations at the S11D mine and ongoing reliability initiatives. Copper production also saw a substantial year-over-year increase of 22%, reaching 81.9 thousand tons, largely due to the solid ramp-up at the Salobo 3 mine and better performance at Salobo 1 & 2. However, nickel production fell by 4% year-over-year to 39.5 thousand tons, mainly due to the rebuild of the Onça Puma furnace, which was offset by stronger performances in Canadian and Indonesian operations. Vale's realized prices for iron ore...Show More

Vale SA reported a strong first quarter in 2024 with a significant increase in iron ore sales and production. The company's iron ore sales rose by 15% year-over-year to 63.8 million tons, while production increased by 6% to 70.8 million tons, attributed to improved operations at the S11D mine and ongoing reliability initiatives. Copper production also saw a substantial year-over-year increase of 22%, reaching 81.9 thousand tons, largely due to the solid ramp-up at the Salobo 3 mine and better performance at Salobo 1 & 2. However, nickel production fell by 4% year-over-year to 39.5 thousand tons, mainly due to the rebuild of the Onça Puma furnace, which was offset by stronger performances in Canadian and Indonesian operations. Vale's realized prices for iron ore fines and pellets were $100.7 and $171.9 per ton, respectively, with the latter increasing due to higher quarterly contract pellet premiums. The company also highlighted various operational improvements and strategic initiatives to optimize its product portfolio and manage the impact of rainfall on shipments. Vale's maintenance schedule for the rest of the year was outlined, indicating planned downtimes across its copper and nickel operations.