VALE - VALE's Q2 Iron Ore Output Up 2% Y/Y Copper and Nickel Lags | Benzinga
Vale S.A. (NYSE: VALE) reported iron ore production of 80.6 million tons (Mt) for the second quarter of 2024, which was up 2% year over year, attributed to improved operating performance at the S11D and Vargem Grande.
During the quarter, the S11D mine delivered record production of 19.5 Mt, bolstered by ongoing asset reliability initiatives.
Pellet production declined 2.4% year over year to 8.9 Mt. This was attributed to lower pellet feed availability at the Vargem Grande plant and maintenance at the São Luis plant.
Iron ore fines sales improved 8.2% from the year-ago quarter to 68.5 Mt while pellet sales were up 0.6% to around 8.9 Mt. Total iron ore sales were up 7.3% to 79.8 Mt, reflecting higher shipments, as well as the sale of inventories from prior periods.
The average realized iron ore fines price was $98.2 per ton in the June-ended quarter, down 0.3% year over year and 2.5% sequentially, due to lower iron ore prices.
Copper Output Dips, Nickel Plunges
In the second quarter, Vale produced 78.6 kt of copper, which was 0.3% lower than the year-ago quarter. Improved productivity at Salobo's 1 & 2 plants, as well as Sossego, were offset by the bi-annual maintenance in Sudbury.
Vale sold 76.1 kt of copper, which was up 3% from the year-ago quarter, reflecting sales from its inventory despite lower production.
The average realized price for copper operations only (Salobo and Sossego) ...