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Released May 02, 2023 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazilian miner Vale SA (Rio de Janeiro) reported a lower income in the first quarter of this year due to lower commodity prices and sales.
Vale reported net income of US$1.87 billion from January through March, about 58% lower than the same time last year and below the US$3.74 billion reported in the previous quarter. The lower income was partly due to a drop in commodity prices and sales.
For example, iron ore fines and pellet sales decreased by 7% year on year as a result of export restrictions due to weather conditions and supply chain rebalancing in the northern system. Nevertheless, iron ore output increased by 6% to almost 67 million metric tons compared to the same time last year. At the same time, pellet output was 20% higher this quarter compared to 1Q2022.
Meanwhile, Vale reported an 18% boost in copper production to 67,000 metric tons compared to last year due to better performance. Sales, just like production, also increased by 25% year on year.
Nickel output decreased 10% yearly.
Nevertheless, despite the setbacks, Vale totaled US$326 million in investments in growth projects under construction during the first quarter, with considerable progress at the Capanema development. Capanema is an iron ore project located in Minas Gerais state, with investments of US$495 million, expected to come online in the second half of this year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for more details.
For this year, Vale has set its guidance for iron ore at 310 million to 320 million metric tons, while copper output is expected to stand at 335,000 to 370,000 metric tons.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Vale reported net income of US$1.87 billion from January through March, about 58% lower than the same time last year and below the US$3.74 billion reported in the previous quarter. The lower income was partly due to a drop in commodity prices and sales.
For example, iron ore fines and pellet sales decreased by 7% year on year as a result of export restrictions due to weather conditions and supply chain rebalancing in the northern system. Nevertheless, iron ore output increased by 6% to almost 67 million metric tons compared to the same time last year. At the same time, pellet output was 20% higher this quarter compared to 1Q2022.
Meanwhile, Vale reported an 18% boost in copper production to 67,000 metric tons compared to last year due to better performance. Sales, just like production, also increased by 25% year on year.
Nickel output decreased 10% yearly.
Nevertheless, despite the setbacks, Vale totaled US$326 million in investments in growth projects under construction during the first quarter, with considerable progress at the Capanema development. Capanema is an iron ore project located in Minas Gerais state, with investments of US$495 million, expected to come online in the second half of this year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for more details.
For this year, Vale has set its guidance for iron ore at 310 million to 320 million metric tons, while copper output is expected to stand at 335,000 to 370,000 metric tons.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
