Brazil's Vale Iron Ore Production Increases
July 16 2018 - 08:21AM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Brazilian mining giant Vale SA (VALE3.BR) said Monday
that production in the second quarter increased as production at
its mammoth S11D mine in northern Brazil continued to rise.
The company, the world's biggest iron ore producer, said output
of the ore reached 96.8 million metric tons in the quarter, an
increase of 18.1% compared with the first quarter, and a rise of
5.3% from the second quarter of 2017.
Vale maintained its guidance for iron ore production in 2018 at
around 390 million tons.
Production of pellets, which have a higher concentration of
iron, reached 12.8 million tons in the second quarter, up 0.5% from
the first quarter and up 5.1% from the second quarter a year
earlier.
Vale has said it is scaling down output of lower grade iron ores
and focusing on higher-grade products, including pellets, which
command higher prices and help boost revenue.
The company said output of nickel reached 66.2 million metric
tons in the second quarter, an increase of 13% from the first
quarter and up 0.3% from the second quarter of 2017, while
production of cobalt fell 1.9% from the first quarter to 1.3
million tons. Cobalt output fell 7.8% from the second quarter of
2017.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
July 16, 2018 08:06 ET (12:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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