SAO PAULO/RIO DE JANEIRO – Iron-ore output at Brazilian miner Vale, the world's largest iron-ore producer, reached a record in the third quarter, boosted by the ramp-up of its S11D project in the Amazonian state of Pará.
In a securities filing on Monday, Vale said iron-ore output jumped 10.3% from the year before to 104.945-million tonnes, while pellet output rose 8.7% to 13.878-million tonnes. Ore sales also touched a new high at 84.0-million tonnes.
Iron-ore production at the S11D and Carajás projects grew nearly 20% to a record 53.9-million tonnes, accounting for most of the increase.
The company maintained its guidance for iron-ore production of around 390-million tonnes in 2018 and 400-million tonnes from 2019 onwards.
Nickel output, however, dropped 23.4% to 55 700 t, while sales declined 19.6% to 57 300 t.
Vale has struggled over its presence in the nickel segment, where prices have yet to pick up because of oversupply, despite the metal’s key role in lithium-ion batteries that are used in electric cars.