Brazilian mining giant Vale said that its iron ore production increased 21% QoQ to 89.7 million tonnes in Q3 of 2022, reflecting the dry season in the Northern System and higher third-party ore purchases and production in the Southern System. Sales of iron ore fines and pellets increased 6.0% QoQ to 77.6 million tonnes. The usual production-to-sales gap in Q3 resulted from transiting inventories across the supply chain, which Vale expects to revert in the next quarter, depending on market conditions. Nickel production increased 51% q/q to 51.8 kt, as refineries came back from a maintenance period in 2Q22 and the conclusion of the furnace 4 rebuild at PTVI. Nickel sales increased 13% q/q, but lagged production due to sales commitments in 4Q22 during scheduled maintenance, low availability of containerships impacting Onça Puma and shipping congestion in the UK in 3Q22. Copper production increased 33% q/q to 74.3 kt, following extended maintenance at Sossego mill in the first half of the year, better plant performance at Salobo in the quarter and the recovery of copper from copper precipitate holding facilities in North Atlantic operations. Copper sales were up 37% q/q, in line with higher production. Uly-September 2022 QuarterIron ore - 89,701 million tonne, up 1.1% YoYPellets - 8,256 million tonne, down 1.0% YoYNickel - 51.8 million tonne, up 71.5% YoYCopper - 74.3 million tonne, down 89.3% YoY
Brazilian mining giant Vale said that its iron ore production increased 21% QoQ to 89.7 million tonnes in Q3 of 2022, reflecting the dry season in the Northern System and higher third-party ore purchases and production in the Southern System. Sales of iron ore fines and pellets increased 6.0% QoQ to 77.6 million tonnes. The usual production-to-sales gap in Q3 resulted from transiting inventories across the supply chain, which Vale expects to revert in the next quarter, depending on market conditions. Nickel production increased 51% q/q to 51.8 kt, as refineries came back from a maintenance period in 2Q22 and the conclusion of the furnace 4 rebuild at PTVI. Nickel sales increased 13% q/q, but lagged production due to sales commitments in 4Q22 during scheduled maintenance, low availability of containerships impacting Onça Puma and shipping congestion in the UK in 3Q22. Copper production increased 33% q/q to 74.3 kt, following extended maintenance at Sossego mill in the first half of the year, better plant performance at Salobo in the quarter and the recovery of copper from copper precipitate holding facilities in North Atlantic operations. Copper sales were up 37% q/q, in line with higher production. Uly-September 2022 QuarterIron ore - 89,701 million tonne, up 1.1% YoYPellets - 8,256 million tonne, down 1.0% YoYNickel - 51.8 million tonne, up 71.5% YoYCopper - 74.3 million tonne, down 89.3% YoY