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com.liferay.portal.kernel.util.DateUtil_IW@48a7a056
com.liferay.portal.kernel.util.DateUtil_IW@48a7a056

Vale's Production and Sales performance for 1Q24 is now available.

The 1Q24 report was released on Tuesday, April 16th.
Below you can see the main highlights, as well as the full report:
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Highlights

  • Vale’s Q1 performance was marked by robust iron ore sales, which increased by 15% y/y, and by consistent improvement in iron ore operations. On copper, Salobo 3 reached ~90% average throughput rate in the quarter. On nickel, Canadian and Indonesian operations delivered stronger performance y/y.
     
  • Iron ore production totaled 70.8 Mt, increasing 6% y/y, driven by S11D’s improved operating performance, continued asset reliability initiatives and higher 3rd party purchases. Pellets production totaled 8.5 Mt, up 2% y/y, driven by higher pellet feed availability. Iron ore sales reached 63.8 Mt in 1Q24, 15% higher y/y. 
     
  • Copper production totaled 81.9 kt, 22% higher y/y, driven by a continued solid ramp-up at Salobo 3, as well as by better operational performance at the Salobo 1 & 2 plants. 
     
  • Nickel production totaled 39.5 kt, decreasing by 4% y/y, mainly reflecting the Onça Puma furnace rebuild, partially offset by stronger performance at the Canadian and Indonesian operations. 

Download the 1Q24 Production and Sales report

Check out the results of our main products below:

  • Northern System: S11D’s production is the main positive highlight, up 1.4 Mt y/y. S11D achieved the highest Q1 output since 2020, with continued asset reliability initiatives securing greater operational stability during the rainy season. At Serra Norte, production decreased y/y due to reduced ROM availability, as expected in the mine development plan. Shipments at Ponta da Madeira port improved by 17% y/y as a result of several initiatives to minimize the impact of rainfall, like cargo moisture management and others.
     
  • Southeastern System: output was 1.0 Mt higher y/y, driven by: (i) Brucutu and Timbopeba plants’ solid operational performance and (ii) higher third-party purchases. These effects were partially offset by lower production at Alegria, caused by plant adjustments aiming to increase higher quality ore processing.  
     
  • Southern System: production increased by 2.9 Mt y/y, mainly driven by greater stability at Vargem Grande and Mutuca, with initiatives to minimize rainfall impact bearing fruit and (ii) higher third-party purchases.  
     
  • Pellets: production was 0.1 Mt higher y/y, due to increased pellet feed availability from the Southeastern and Southern System mines, driving higher pellet output in the Tubarão and Vargem Grande plants.  
     
  • Iron ore sales increased by 8.2 Mt y/y, totaling 63.8 Mt. The strong performance was driven by the absence of port loading restrictions that negatively impacted the Ponta da Madeira port in 1Q23. The difference between production and sales is explained by Vale’s supply chain effects and inventories formation driven by cargos transiting to distribution centers.  
     
  • Average realized iron ore fines price was US$ 100.7/t, US$ 17.6/t lower q/q, largely impacted by provisional pricing adjustments due to lower-than-average forward prices on the last day of the quarter. The average realized iron ore pellet price was US$ 171.9/t, US$ 8.5/t higher q/q, as quarterly contract pellet premiums increased, while pellet sales are generally not impacted by provisional pricing adjustments.  
     
  • The all-in premium totaled US$ 2.2/t, slightly higher q/q. Given current market conditions with a lower price spread for low-grade materials, Vale continued to prioritize the sale of blended and high-silica products in Q1, in order to maximize its product portfolio value. 
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Financial Report 1Q24

The 1Q24 Financial Report will be released on April 24th. Following the release, our key executives will host a webcast (real-time audio conference call) with analysts and investors on April 25th to discuss the quarter's results