Vale Increases Iron Ore and Copper Production in First-Half 2024

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Vale SA (NYSE:VALE) (Rio de Janeiro) recently issued its production and sales report for second-quarter 2024.

For the first half of this year, iron ore production stood at 151,400 metric tons, about 4.1% more than in the first half of 2023, while copper output was 10% more than last year's 160,500 tons, and nickel output was hit with volumes 13.6% less than in the first half 2023.

For the second quarter, in which iron ore production edged higher year on year, copper remained flat, and nickel output was 24.4% lower.

Strong iron ore production was backed by a record output from the S11D mine in Brazil, which produced 19,500 metric tons during the second quarter. Vale said it expects production to hit the upper end of this year's guidance, which is set between 310,000 metric tons and 320,000 metric tons.

On the copper front, the Salobo mine in Brazil increased its output in the second quarter by 3,300 tons compared with the same period last year, mainly due to high productivity at Salobo 1 and 2. This occurred despite a fire that damaged the conveyor belt at Salobo 3, impacting sequential production in the second quarter. Repairs are ongoing, and Salobo 3 is expected to resume in August.

The Sossego copper mine in Brazil increased its output in the second quarter year over year due to higher head grades at the mill. However, the mine also faced setbacks in the second quarter when operations were halted due to a temporary suspension of the operational license. Mining operations resumed on June 28 after the license was reinstated.

Vale's nickel production was considerably hit during the second quarter due to lower outputs from the Sudbury mine in Ontario, Canada, which was impacted by planned biannual maintenance and a two-week ramp-up. The mine went into normal operations on June 11, and no additional impact is expected in the third quarter.

The Voisey's Bay nickel mine in Labrador, Canada, boosted its production by 41.2% year over year as the underground operation ramped up to an output of 2,400 tons in the second quarter.

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