Vale (VALE3) Reports Q2 2024 Results with Increased Iron Ore Sales and Record S11D Production

In Short: Vale (VALE3) will release its second quarter 2024 results on July 25. This period was marked by a significant 7.3% increase in iron ore sales and consistent performance from S11D, achieving record production for a second quarter. Copper production at Salobo also grew by 8%, while nickel production at Voisey's Bay increased by 41% due to the ramp-up of the VBME project.

Iron ore production reached 80.6 million tonnes in the second quarter, an increase of 1.9 million tonnes year-on-year, driven by the robust performance of S11D and Vargem Grande. Iron ore sales totaled 79.8 million tonnes, 5.4 million tonnes higher than the same period last year, reinforcing Vale's confidence in reaching the upper limit of its 2024 production guidance. Pellet production was slightly lower, totaling 8.9 million tonnes.

Copper production remained stable at 78.6 thousand tonnes, with improvements at Salobo 1&2 and Sossego offset by biennial maintenance in Sudbury. Nickel production totaled 27.9 thousand tonnes, a 24% decrease year-on-year, primarily reflecting scheduled maintenance strategies at nickel processing plants.