2023-04-18 18:53:53 ET
Vale ( NYSE: VALE ) reported Q1 iron ore production increased 5.8% from the same quarter a year earlier, citing a stronger performance at the S11D mine, but fell 17.4% from Q4 to 66.8M metric tons.
Q1 production of iron ore pellets, a premium product, rose 20.1% Y/Y and 0.7% Q/Q to 8.3M metric tons.
Q1 sales of iron ore fell 10.6% Y/Y and 43.5% Q/Q to 45.9M tons, while sales of pellets rose 16% from the year-ago quarter but fell 7.5% from Q4 to 8.1M tons.
The company said the gap between production and sales in the quarter was caused by restrictions at the port where iron ore from the S11D mine is loaded onto ships, but its sales guidance for the full year is unchanged, as it expects to make up for the impact of the restrictions in H2.
Despite rising debt, Vale ( VALE ) "will still be able to generate a decent dividend yield that may appeal to investors," Ellsworth Research writes in an analysis published recently on Seeking Alpha .
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Vale Q1 iron ore production up from year ago but down vs. Q4