Iron production at Brazil’s Vale up 6% in first half of 2023

In H1 2023, Brazilian mineral exporter Vale increased iron ore production by 6% year-on-year, reaching 145.5 million tons.

Second quarter production contributed 78.7 million tons to this figure, representing a 6.3% increase over Q2 2022.

This growth is attributed to record yields at the S11D complex in Pará and strong results at Minas Gerais’s Itabira and Vargem Grande projects.

Iron ore pellet production also saw an 11.8% rise, reaching 17.4 million tons in the first half of the year.

However, while production grew, iron ore fine sales fell by 4.3%, contrasting with pellet sales that grew by 6.9%.

Copper production also showed a strong increase of 29.7% year-on-year, resulting in sales growth of 34.1% for the same period.

Nickel production dipped by 2.5%, with sales growing by a modest 2.7%.

The first quarter of 2023 saw Vale report a net profit of US$1.837 billion, a decrease of 58.7% compared to the same period in 2022.

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