RIO DE JANEIRO, Oct. 16, 2024 — Vale (VALE, Financial) announced its highest quarterly iron ore production in nearly six years, with its output rising 5.5% to 91 million metric tons in Q3. Moreover, the production boost was primarily driven by the improved operations at three key Brazilian mining projects that include S11D, Itabira, and Brucutu. Additionally, the average realized price for iron ore fines tanked roughly 14% YOY to $91 per ton.
Furthermore, Vale also saw gains in copper and nickel production with copper output rising 5% to 85,900 tons, along with nickel production rising 12% to 47,100 tons, on the back of robust performance at Canada's Sudbury project and the Voisey's Bay underground mines. Additionally, RBC Capital analysts have noted that Vale's production results have bested expectations, while positioning the company to meet its 2024 guidance. Following a powerful first-half, Vale raised its full-year iron ore forecast to 323 million to 330 million tons. Also, the company expects reduced inventory build in Q4, which analysts forecasting market estimates for 2024 core earnings.
