Vale SA, a leading mining company, reported a strong performance in its third-quarter results for 2024, with record iron ore output not seen since the fourth quarter of 2018. The company's iron ore production reached 91.0 million tons, a 5% increase year-over-year, driven by improved operations at S11D, Itabira, and Brucutu. As a result, Vale has raised its production guidance for 2024 to 323-330 million tons, up from the previous 310-320 million tons. The company also saw a 13% increase in pellet production and a 2% rise in iron ore sales compared to the same period last year. Copper production also grew by 5% year-over-year, totaling 85.9 thousand tons, despite an incident at the Salobo 3 plant in June. Nickel production saw a significant 12% increase year-over...Show More

Vale SA, a leading mining company, reported a strong performance in its third-quarter results for 2024, with record iron ore output not seen since the fourth quarter of 2018. The company's iron ore production reached 91.0 million tons, a 5% increase year-over-year, driven by improved operations at S11D, Itabira, and Brucutu. As a result, Vale has raised its production guidance for 2024 to 323-330 million tons, up from the previous 310-320 million tons. The company also saw a 13% increase in pellet production and a 2% rise in iron ore sales compared to the same period last year. Copper production also grew by 5% year-over-year, totaling 85.9 thousand tons, despite an incident at the Salobo 3 plant in June. Nickel production saw a significant 12% increase year-over-year, reaching 47.1 thousand tons, mainly due to stronger performance at Sudbury and the ramp-up of Voisey's Bay underground mines. Vale's sales figures for iron ore fines and pellets improved, with a notable 18% increase in pellet sales. The company also reported an improved all-in premium for its iron ore fines, driven by higher quality product offerings. However, average realized prices for iron ore fines, pellets, copper, and nickel all saw declines compared to the previous quarter, reflecting lower reference prices. Vale's operational highlights included record shipments from the Ponta da Madeira port and the highest quarterly production at Brucutu since 2019. The company also commenced wet processing operations at the Vargem Grande 1 Project, which is expected to resume approximately 15 million tons per annum of iron ore production and improve product quality. Vale's copper operations in Canada reported increased production, while nickel operations benefited from the ramp-up of Voisey's Bay and steady operations at Onça Puma following a furnace rebuild. The company's forward-looking statements indicate expectations for continued production and sales growth in iron ore, nickel, and copper.