Vale’s iron ore output falls in Q3 due to system failure at S11D complex
Views : 96
Update time : 2023-10-19 16:54:14
Vale S.A. (Vale), a Brazilian multinational corporation engaged in metals and mining, produced around 86.2 million tons of iron ore in the third quarter of this year, rising by 9.5% compared to the previous quarter but falling by 3.9% from the same period a year ago. The year-on-year drop was due to a system failure at Vale’s S11D mining complex, which caused a production loss of around 2 million tons.
In terms of sales, Vale sold around 69 million tons of iron ore in the July-September period, an increase of 6.6%, contributed by favorable market conditions.
During the period, Vale’s copper output hiked by 9.8% to 81,600 tons, boosted by increased production at Vale's Salobo III project. The output forecast was revised down to 315,000-325,000 tons for this year on account of changes at the Coleman Mine in Canada and maintenance at the Salobo mine.
