Brazil's Vale Iron Ore Production Up 11% in Quarter
April 20 2017 - 9:46AM
Dow Jones News
RIO DE JANEIRO--Brazilian mining giant Vale SA said Thursday its
output of iron ore hit a record for the first quarter as its
massive S11D mine in the Amazon continued to ramp up.
Vale, the world's largest producer of iron ore and nickel, said
its production of the former rose 11% in the January-March period
from a year earlier to 86.2 million metric tons.
The company's nickel output fell 2.9% year-on-year to 71,400
metric tons due to maintenance stoppages. Problems at Vale's
smelter in Thompson, Canada, such a "hot metal leak" that caused a
10-day loss of production, also contributed.
With markets for iron ore and other commodities struggling to
recover from a crash in 2015 and 2016, Vale has said it will
restrain supply to support prices if necessary. The company has
reduced its long-term production target for iron ore to 400 million
tons per year, down from 450 million tons, starting in 2018.
Vale on Thursday reiterated its 2017 guidance for producing
between 360 million and 380 million tons of the steelmaking raw
material.
Write to Paul Kiernan at paul.kiernan@wsj.com
(END) Dow Jones Newswires
April 20, 2017 09:31 ET (13:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Vale (NYSE:VALE)
Historical Stock Chart
From Apr 2024 to May 2024
Vale (NYSE:VALE)
Historical Stock Chart
From May 2023 to May 2024