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Copper|Iron Ore|Mining|Steel|Maintenance
Copper|Iron Ore|Mining|Steel|Maintenance
copper|iron-ore|mining|steel|maintenance

Vale sees iron-ore output at high-end of 2024 guidance after Q2 rise

17th July 2024

By: Reuters

  

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RIO DE JANEIRO/SAO PAULO - Brazilian miner Vale expressed confidence on Tuesday that it would reach the high-end of its 2024 guidance for iron ore production after output increased in the second-quarter.

The company, one of the world's largest iron-ore miners, said in its quarterly sales and output report that production of the steel-making ingredient in the three-month period to the end of June rose 2.4% from a year earlier to 80.6-million metric tons.

"This quarter's performance reinforces our confidence in achieving the upper end of the 2024 production guidance", Vale said. The firm expects to produce 310-million tons to 320-million tons of iron ore in 2024.

Vale's rival, BHP Group, also reported its latest production figures, saying output reached a record high in the year to the end of June of 287-million tons. It forecast output of up to 294 tons in its fiscal 2025.

Output in Vale's latest quarter was boosted by a "robust performance" at the firm's S11D and Vargem Grande mining complexes in Brazil, the company said.

Second-quarter iron ore sales rose 7.3% from a year earlier to 79.8-million tons, boosted by sales of inventories.

The average realized price of Vale's iron ore fines was $98.2 per ton in the quarter, nearly stable year-on-year.

"We expect a slightly positive market reaction to these production results," Yuri Pereira and Arthur Biscuola at Santander said in a market note following Vale's report. They said Vale's report placed "upside risk" to their EBITDA estimates for the quarter.

BASE METALS

Vale's nickel output dropped 24.4% from a year earlier to 27 900 tons, mostly due to planned maintenance at processing plants, the miner said.

Copper production was almost stable from a year earlier at 78 600 tons, it said, noting that bi-annual maintenance at its Sudbury plant offset a stronger performance at Salobo and Sossego.

Vale is expected to release full second-quarter earnings on July 25.

Edited by Reuters

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