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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:

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    Sudbury-sourced ore: finished nickel production increased by 0.7 kt y/y and 0.2 kt q/q,
      as a result of better performance of the Sudbury mines, supported by the ramp-up of the Copper Cliff South mine, which was partially offset by corrective maintenance at the Copper Cliff Refinery.  
       
    • Thompson-sourced ore: finished nickel production was flat y/y and 0.8 kt lower q/q. The q/q decrease was mainly a result of internal inventory rebuild after a strong quarter in 4Q23.
      Sudbury-sourced ore: finished nickel production increased by 0.7 kt y/y and 0.2 kt q/q,
              as a result of better performance of the Sudbury mines, supported by the ramp-up of the Copper Cliff South mine, which was partially offset by corrective maintenance at the Copper Cliff Refinery.  
    • Thompson-sourced ore: finished nickel production was flat y/y and 0.8 kt lower q/q. The q/q decrease was mainly a result of internal inventory rebuild after a strong quarter in 4Q23.
        
    • Voisey’s Bay-sourced ore: finished nickel production was flat y/y and increased by 0.9 kt q/q, driven by the availability of Voisey’s Bay-sourced feedstock at Long Harbour. Contained nickel in ore mined at Voisey’s Bay increased by 55% y/y as the underground mines continued to ramp up.  
       
    • Third-party feed: finished nickel production decreased by 2.1 kt y/y and 3.9 kt q/q, as planned. The consumption of third-party feed is in line with the strategy to maximize the utilization and performance of our downstream operations.  
       
    • Indonesia-sourced material: finished nickel production increased by 4.7 kt y/y, mainly reflecting the robust performance of the Indonesia-Matsusaka-Clydach flowsheet. Production decreased by 1.1 kt q/q as result of planned maintenance at the Matsusaka refinery in March. Nickel in matte production at PTVI was 18.4 kt in the quarter, representing a 1.4 kt increase y/y and a 0.9 kt decrease q/q.
        
    • Onça Puma: nickel production decreased by 4.9 kt y/y and 0.6 kt q/q as operations have been halted since October 2023 for the furnace rebuild. The rebuild works were completed in mid-March. Currently, the electrical furnace is heating up and the plant is on track to resume production in early May.  
       
    • Nickel sales totaled 33.1 kt in the quarter, 6.4 kt lower than quarterly production, mainly due to VBM’s inventory strategy to meet committed sales during planned maintenance at the refineries in Q2.  
       
    • Average nickel realized price was US$ 16,848/t, down 33% y/y and 9% q/q, mainly driven by a 36% and 4% decrease in LME nickel reference prices y/y and q/q, respectively (US$ 16,589/t in 1Q24 vs. US$ 25,983/t in 1Q23 vs. US$ 17,247/t in 4Q23). In the quarter, the average realized nickel price was 1.6% higher than the LME mainly as a result of higher share of Class I products sales, which are sold at a premium to the market reference price. 

    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