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(Kitco News) - Brazilian mining group Vale announced Wednesday that in Q2 2023, its iron ore production increased 6% y-o-y to 78.7 million tonnes driven by a record output for a second quarter at S11D, followed by solid performance at Itabira and Vargem Grande complexes, improving Vale's average product portfolio quality.
The company’s pellet production increased 5% y-o-y to 9 million tonnes driven by the higher production at Tubarão plants as a result of higher pellet feed production.
Iron ore fines and pellet sales increased 1% y-o-y to 72.1 million tonnes as Ponta da Madeira Terminal restored productivity during Q2 2023, after restrictions due to heavy rains affected shipments and sales in Q1 2023.
Vale said it expects a lower production- to-sales gap in Q3 2023 with the sale of the inventories from the first semester, depending on market conditions.
The company’s copper production increased 41% y-o-y to 78.8 thousand tonnes in Q2 2023, primarily due to the successful ramping up of Salobo III plant and the improved performance of the Sossego operation. Copper sales increased 43% y-o-y to 73.8 thousand tonnes as result of higher production volumes.
Nickel production increased 8% y-o-y to 36.9 thousand tonnes in Q2 2023, largely attributed to better operational performance in Sudbury and Indonesia. Nickel sales increased 3% y-o-y to 40.3 thousand tonnes driven by improved production.
Vale is the largest producer of iron ore, pellets and nickel. The company also has operations in manganese, ferroalloys, copper, gold, silver, and cobalt.
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