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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Vale S.A.    VALE3   BRVALEACNOR0

VALE S.A.

(VALE3)
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Brazilian miner Vale hints at fourth-quarter production boost

10/19/2020 | 07:00pm EST

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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 1.03% 6.4055 Delayed Quote.40.67%
GOLD -1.83% 1778.08 Delayed Quote.19.20%
SILVER -3.37% 22.417 Delayed Quote.31.05%
VALE S.A. 1.42% 76.57 End-of-day quote.43.66%
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Financials (USD)
Sales 2020 36 283 M - -
Net income 2020 8 461 M - -
Net Debt 2020 3 128 M - -
P/E ratio 2020 9,23x
Yield 2020 4,48%
Capitalization 73 881 M 73 931 M -
EV / Sales 2020 2,12x
EV / Sales 2021 1,94x
Nbr of Employees 79 646
Free-Float 76,8%
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Technical analysis trends VALE S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 7
Average target price 15,43 $
Last Close Price 14,40 $
Spread / Highest target 32,3%
Spread / Average Target 7,13%
Spread / Lowest Target -24,3%
EPS Revisions
Managers
NameTitle
Eduardo Bartolomeo Chief Executive Officer
José Maurício Pereira Coelho Chairman
Luciano Siani Pires Executive Director-Finance & Investor Relations
Oscar Augusto de Camargo Filho Director
Marcel Juviniano Barros Director
Sector and Competitors
1st jan.Capitalization (M$)
VALE S.A.43.66%73 931
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