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Financial News: VALE: Northern System And S11D Boost Iron Ore

VALE: Northern System And S11D Boost Iron Ore Output In The Third Quarter

10/19/2017 - 19:19:00 (RTTNews)

(RTTNews) - Brazilian miner Vale's iron ore production increased 3.3% in the third quarter of 2017 from a year before, to 95,111 million tons, the company said. Compared to the second quarter of this year, the increase was 3.6%.

From January to September, Vale's iron ore output totaled 275.159 million tons, 6.5% higher than in the first nine months of 2016.

According to the mining company, its iron ore production posted a new record due primarily to the better operating performance in the so-called Northern System - which comprises mines in Carajás, Serra Leste and the S11D area.

"The Northern System achieved a quarterly record of 45 million tons in the third quarter, 8.5% and 16.4% higher than in the second quarter of this year and the third quarter of 2016, respectively, mainly due to the ramp-up of S11D," said Vale in a report.

Vale points out that sales volumes for the quarter were lower than those of production, implying a slight increase in inventories, as a result of operational needs and market strategy.

The average iron content was 64.1%, slightly above the 63.8% recorded in the second quarter, due to the reduction in the production of high silica products and Vale's strategy to improve the price of iron ore.

Vale's pellet production reached a record high of 12.766 million tons in the third quarter, up 5.8% year-on-year and 4.5% quarter-over-quarter, due to higher productivity and a reduction in scheduled maintenance shutdowns. The execution of the projects for the resumption of the pelletizing plants of São Luís and Tubarão II runs as planned, with the estimated start-up for the first semester of 2018.

Copper production reached 118.8 thousand tons in the quarter, 6.6% more than in the third quarter of 2016 and 15.7% more than in the second quarter. The rise is due to the quarterly production record at Salobo (Brazil) and higher production at Sudbury (Canada), which resumed operation after a scheduled shutdown for maintenance in the second quarter.

Coal production in Mozambique recorded a record 3.2 million tonnes in the quarter, up 38.3% on an annual comparison as a result of the improved performance of the two processing plants: Coal Handling and Preparation Plants - CHPP1 and CHPP2.

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