Vale's 2023 iron ore output rises 4.3% on year, tops guidance
During the last quarter of 2023, Vale produced 89.4 million tonnes of iron ore, registering a sizeable growth of 10.6% compared to the corresponding period of the prior year or also being 3.7% higher than the output in Q3 2023.
In particular, Vale's monthly ore production in December last year reached its highest level since 2018. The miner contributed such performance to the higher iron ore production at its three mining systems, according to the report.
Specifically, Vale's Northern System posted the largest on-year increase of 3.8 million tonnes in its iron ore output in last year's final quarter, thanks to the positive outcomes resulting from sustained initiatives to enhance asset reliability and operational stability at Serra Norte and S11D, the report said.
Also, iron ore output delivered from its Southeastern System was 3.2 million tonnes higher on year in the same quarter with the improved performance at concentration plants, higher mining equipment availability and higher third-party purchases, according to the release.
On the other hand, Vale sold 300.9 million tonnes of iron ore during 2023, falling by 0.4% on year or still marking the gap between the miner's iron ore output and sales.
The average realized price for iron ore fines remained flat on year in 2023 at $108.1/wmt, while the average of $118.3/wmt during October-December 2023 surged by 23.7% on year, both on CFR/FOB basis.
Written by Lea Li, liye@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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