RIO DE JANEIRO, Oct 19 (Reuters) - Brazilian mining company
Vale SA reported on Monday an increase in iron ore
output in the third quarter and predicted a further boost in
fourth-quarter output at some units, as a number of mines ramp
up production or come online.
In a securities filing, the company said it produced 88.7
million tonnes of iron ore in the quarter, up 31.2% from the
previous quarter and up 2.3% from the same period a year before,
boosted by increased output at its Itabira and Timbopeba
complexes and its Fazendao mine, all in southern Brazil.
Production at Itabira was temporarily stopped in the second
quarter due to to a coronavirus outbreak among workers, while
Itabira and Fazendao had been dogged by regulatory issues.
While the company managed to boost iron ore output, it still
has a long way to go to reach its annual goal of 310 million to
330 million tonnes. Through the third quarter, it had produced
216 million tonnes.
Vale said in the Monday statement that 6 million tonnes of
iron ore output at its Serra Leste mine in northern Brazil would
come online in the fourth quarter. It added that some logistical
issues in the iron ore pellet and fines market had been resolved
in September, which would allow for improved timing between
production and sales in that segment in the fourth quarter.
Nickel production, Vale said, came in at 47,100 tonnes, down
20.7% from the previous quarter and down 8.4% from the same
period in 2019, hit partially by maintenance work.
The company said that nickel and copper output were already
increasing in the fourth quarter, as maintenance work drew to a
close. Its output of the metal at Voisey's Bay and Onca Puma
should also improve, the company said, thanks to decreased
coronavirus-related work stoppages and the completion of
maintenance projects, respectively.
(Reporting by Gram Slattery, Roberto Samora; additional
reporting by Sabrina Valle
Editing by Chris Reese and Lisa Shumaker)