Vale posts record Q2 iron ore production

Vale (VALE +0.9%) says its Q2 iron ore output surged 13% Y/Y to 79.4M metric tons, the most ever for the April-to-June period, as expansion projects at its Carajas complex in the Amazon began to bear fruit.

Scant rainfall, the result of a drought that has hurt other sectors of Brazil's economy, helped Vale maximize its production, but the ramp-up at the new plant at Carajas - where Vale is carrying out a ~$20B expansion plan to supply the Chinese steel industry - was the main reason for the increase.

Q2 production of iron ore pellets rose 2.4% Y/Y to 9.95M tons, but nickel output fell 5.2% to 61.7K tons and copper production dropped 11% to 81K tons.

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Comments (2)
  • Alejandro43
    , contributor
    Comments (107) | Send Message
    Progress. Vale is a good buy.
    24 Jul 2014, 11:10 AM Reply Like
  • Frenzy466
    , contributor
    Comments (39) | Send Message
    I wish they would expand and ramp up their Nickel assets and squash Russia.....
    25 Jul 2014, 09:56 PM Reply Like
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