VALE: Iron Ore Production In Q2 Hits New Record

(RTTNews) - Vale's iron ore production increased 5.8% on year in the second quarter, reaching 91.849 million tons, a new record for the company. Progress in the S11D mining complex activities, in Vale's Northern System, boosted the output.

According to the Brazilian miner, the Northern System reached a record output of 41.5 million tons in the quarter, 13.7% higher than in the same period last year. Pellet production grew by 21.5%, to 12.215 million tons, and coal output more than doubled, to 3.037 million tons. Meanwhile, nickel production fell by 16.1%, to 65.9 thousand tons, and copper output dropped 4.4%, to 102.7 thousand tons.

Coal production in Mozambique also hit a record and as twice the amount recorded in the second quarter of 2016.

Vale reiterated that iron ore production in 2017 should be close to the bottom of the guidance range - 360 million to 380 million tons. The miner, however, decreased its expectation for nickel output this year to 295,000 tons, reflecting lower-than-planned production at Thompson, New Caledonia, and Indonesia.

The copper production forecast was revised to 447,000 tons in 2017, reflecting the impact of unplanned maintenance at Sudbury mines, lower third-party copper deliveries and greater variability in Salobo's content.