In the fourth quarter of 2023, the company increased ore production by 10.6% y/y
Brazil's largest mining company , Vale, has increased iron ore production by 4.3% year on year – to 321.15 million tonnes in 2023. This is stated in a report on the company's website.
Production volumes exceeded the forecast of 315 million tons.
In the fourth quarter of 2023, Vale increased iron ore production by 10.6% y/y – to 89.4 million tons. In December, production volumes reached the highest monthly level since 2018.
Pellet production increased by 13.5% year on year – to 36.5 million tonnes last year. In the fourth quarter, this number was 9.85 million tons, 19.2% higher than the same period in 2022. Furthermore, in the fourth quarter of last year, Vale started the production of iron ore briquettes in Tubarão, with volumes expected to begin in the first half of 2024.
Iron ore sales in 2023 decreased by 1.5% compared to the previous year – to 256.79 million tons. At the same time, shipments of iron ore pellets increased by 8.1% year on year – to 35.8 million tonnes in the period under review.
In the fourth quarter of 2023, iron ore sales totaled 77.8 million tons, 4.1% less than in the same period last year. Shipments during this period increased by 17% y/y – to 10.28 million tonnes.
In 2024, the company intends to extract 310-320 million tons of iron ore, pellet production is expected to be at the level of 38-42 million tons.
As previously reported by , Vale in 2022 reduced iron ore production by 2% compared to the same period in 2021 – to 308 million tons. Iron ore pellet production during this period increased by 1% year on year – up to 32 million tons.
Additionally, Vale previously announced that in 2024 it expects to begin construction of megahubs in Middle Eastern countries for the production of low-carbon iron ore products. The first of them will start operating in 2027.
