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Brazil's Vale posts highest quarterly iron ore output since 2018
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Brazil's Vale posts highest quarterly iron ore output since 2018
Oct 17, 2024 1:10 PM

SAO PAULO, Oct 15 (Reuters) - Brazilian miner Vale

on Tuesday reported a 5.5% increase in its third

quarter iron ore production compared to a year earlier, reaching

the highest level in almost six years.

The company, one of the world's largest iron ore suppliers,

reported output of 91 million metric tons in the three months

through September, it announced in a securities filing.

The volume of iron ore hit the highest level in the

three-month period since the final quarter of 2018, powered by

improved performance at a trio of Brazilian mining projects -

S11D, Itabira and Brucutu - according to the company.

Iron ore sales during the third quarter rose 1.6% from a

year earlier to total 81.8 million tons, mostly due to an

increase in pellet shipments.

The average realized price of Vale's iron ore fines was

about $91 per ton in the quarter, down nearly 14% year-on-year.

Meanwhile, copper production increased some 5% from a

year earlier to reach 85,900 tons, said Vale, adding that all of

its copper projects showed an improvement.

The company's nickel output was also up, by almost 12%

year-on-year to total 47,100 tons, due to stronger performance

at its Sudbury project as well as the ramp-up of Voisey's Bay

underground mines, both in Canada.

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