Vale's Q1 iron ore output hits Q1 record but down 6.7% Q/Q

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale (VALE +4.7%) says Q1 iron ore production totaled 86.2M metric tons, a 6.7% Q/Q decline but an 11.2% Y/Y gain and a Q1 record, as the S11D and Itabiritos projects ramped up.

Vale says its northern system, which groups the Carajás, Serra Leste and S11D mines in northern Brazil, produced a record 36M metric tons in Q1 despite heavy summer rains in the region.

Vale's global recovery metrics, a measure of iron ore extraction productivity, rose to 49% at the end of the quarter from 44% a year earlier.

Q1 trends indicate that ore production could come within guidance of 360M-380M metric tons this year; Vale also says output could reach a base target of 400M tons or more after 2018.