Vale's iron ore output misses forecasts
2026-11-02 11:26:47 [Print]
Brazilian miner Vale on Thursday reported a 20% slump in third-quarter core profit, battered by lower iron ore prices and elevated fuel and freight costs.
Lower supply of run-of-mine ore-unprocessed ore mined from a pit-at Vale's Serra Norte complex in Brazil contributed to a 6% year-on-year decline to 88.4 million metric tons, below a Visible Alpha consensus of 90.1 million tons. Pellet production totaled 8.6 Mt, up 7% year on year.
Vale, one of the world's largest iron ore producers, said it was confident it would reach the lower end of its 2026 iron ore output projection of 335 million to 345 million tons.
The company also said it resumed operations at its Brazilian Fabrica mine in September. The mine had been halted since the beginning of the year after a water overflow caused environmental damage.
Copper production totaled 85.5 kt, down 6% year on year, reflecting the planned SAG mill rebuild at Sossego, partly offset by strong performance at Salobo. Nickel output totaled 49.7 kt, up 6% year on year, driven mainly by strong performance at On?a Puma's second furnace and the highest quarterly output at the Sudbury Refinery since Q4 2013. Vale is on track to achieve the upper half of its 2026 production guidance ranges for both copper (360–380 kt) and nickel (185–200 kt). Year-to-date, copper and nickel production increased by 4% and 8% year on year, respectively.
Lower supply of run-of-mine ore-unprocessed ore mined from a pit-at Vale's Serra Norte complex in Brazil contributed to a 6% year-on-year decline to 88.4 million metric tons, below a Visible Alpha consensus of 90.1 million tons. Pellet production totaled 8.6 Mt, up 7% year on year.
Vale, one of the world's largest iron ore producers, said it was confident it would reach the lower end of its 2026 iron ore output projection of 335 million to 345 million tons.
The company also said it resumed operations at its Brazilian Fabrica mine in September. The mine had been halted since the beginning of the year after a water overflow caused environmental damage.
Copper production totaled 85.5 kt, down 6% year on year, reflecting the planned SAG mill rebuild at Sossego, partly offset by strong performance at Salobo. Nickel output totaled 49.7 kt, up 6% year on year, driven mainly by strong performance at On?a Puma's second furnace and the highest quarterly output at the Sudbury Refinery since Q4 2013. Vale is on track to achieve the upper half of its 2026 production guidance ranges for both copper (360–380 kt) and nickel (185–200 kt). Year-to-date, copper and nickel production increased by 4% and 8% year on year, respectively.
