Brazilian miner Vale SA first-quarter iron ore
production fell 6.0% from the previous year, hit by heavy rainfall in January
in Minas Gerais state which curbed its main production.
The company’s iron ore output was 63.9 million tonnes
in the period, down 22.5% from the final quarter of 2021.
Production was lower also due to major maintenance
services, which should be positive for the rest of the year, allowing Vale to
maintain its annual guidance of 320-335 million tonnes of iron ore.
The miner sold 53.6 million tonnes of iron ore in the
quarter, down 9.6% year-on-year. Including pellets, total iron ore sales volume
was 60.6 million tonnes with a premium of $9 per tonne over benchmark iron
ore with 62% iron content.
Vale said its nickel production for the quarter fell
5.4% to 45.8 thousand tonnes, while nickel sales fell 18.8%.
The decrease was due to Vale’s inventory strategy to
cover sales commitments during a planned maintenance period in the Sudbury mine
expected for the second quarter.