4Q23 sales and production report
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Vale's Sales and Production performance for 4Q23 is now available.
Highlights
- Vale’s Q4 performance was marked by solid production and sales in all businesses. In December, iron ore achieved its highest monthly output since 2018. Copper production increased by 50% y/y, the highest level since 2018. In nickel, price realization was 7% above LME prices.
- Iron ore production totaled 89.4 Mt in Q4, increasing by 11% y/y. In 2023, production reached 321.2 Mt, above our 315 Mt guidance, and 4.3% higher y/y as a result of: (i) continued initiatives to improve asset reliability at S11D; (ii) solid performance at Itabira and Vargem Grande complexes; and (iii) higher third-party purchases.
- Pellets production totaled 9.9 Mt in Q4, 19% higher y/y. In 2023, production reached 36.5 Mt, 14% higher y/y, supported by higher pellet feed production at Brucutu. Briquettes production started in Q4, an important step in Vale’s strategy to support steelmaking decarbonization by expanding the iron ore agglomerates supply.
- Copper production totaled 99.1 kt in Q4, increasing by 50% y/y. In 2023, production increased by 29% y/y, totaling 326.6 kt, slightly above our revised 325 kt guidance. The improved performance was mainly a result of Salobo 3’s successful ramp-up, with production at the Salobo complex increasing by 87% y/y in Q4, as well as the better performance of Sossego’s plant.
- Nickel production decreased by 5% in Q4 vs a year ago, while it also decreased 8% in 2023, totaling 164.9 kt, inline with guidance. The lower production was anticipated considering the transition to underground mining at Voisey’s Bay as well as the planned furnace rebuild at Onça Puma.
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Check out the results of our main products below:
Northern System production increased by 3.8 Mt y/y and 0.7 Mt q/q, reflecting positive results from continued initiatives to improve asset reliability and operational stability at Serra Norte and S11D.
The Southeastern System output was 3.2 Mt higher y/y and 1.2 Mt higher q/q, driven by (i) Conceição concentration plants' improved performance in Itabira; (ii) higher mining equipment availability at Alegria; and (iii) higher third-party purchases.
Southern System production increased by 1.6 Mt y/y and 1.2 Mt q/q, mainly driven by (i) improved performance at the Vargem Grande Complex; and (ii) higher third-party purchases, partially offset by lower production at Viga, which resumed operations in late November, as well as lower run-of-mine output.
Pellet production increased by 1.6 Mt y/y and 0.7 Mt q/q, driven by an increase in pellet feed supply from Brucutu, resulting in higher pellet output from the Tubarão plants, partially offset by planned maintenance at the São Luis and Oman plants in October. In Q4, Vale started producing iron ore briquettes at the Tubarão Complex, and volumes will start to be recorded in 1H24.
Iron ore fines and pellet sales reached 88.2 Mt in the quarter, 9.8 Mt higher q/q and flat y/y, driven by higher production and inventory sales, taking advantage of favorable market conditions.
The average realized iron ore fines price was US$ 118.3/t, US$ 13.2/t higher q/q, largely attributed to higher benchmark iron ore prices and a positive impact from forward price adjustments. The average realized iron ore pellet price was US$ 163.4/t, relatively flat q/q, as the positive effect from higher benchmark iron ore prices was offset by lower quarterly pellet premiums.
The all-in premium totaled US$ 1.6/t, US$ 2.2/t lower q/q and US$ 3.8/t lower y/y. Given market conditions in Q4, with lower discounts for high-silica products as well as lower premiums for high-grade products, Vale decided to increase high-silica products’ share in the sales mix, while rebalancing premium iron ore inventories (IOCJ and BRBF), maximizing its product portfolio value.
Salobo copper production increased by 25.6 kt y/y and 5.6 kt q/q with the Salobo 3 ramp-up and the continuous increase in plant availability and productivity at the Salobo 1&2 plants. Salobo Complex throughput achieved a pace of 32.3 Mtpy during a 90-day period (August-November).
Sossego copper production increased by 6.1 kt y/y and 4.3 kt q/q as the mining plan moved into higher-grade zones. In December, Sossego achieved record results: (i) the best monthly rate at the SAG mill since 2021, and (ii) the best milling rate since 2020, as well as the highest copper contained production since 2021, achieved in November.
Copper production in Canada increased by 1.0 kt y/y and 7.5 kt q/q, mainly driven by higher copper precipitate production in Thompson and increased copper production in Voisey’s Bay, as underground mining operations ramp up.
Copper sales totaled 97.5 kt in the quarter, 25.9 kt higher y/y and 23.7 kt q/q, driven by higher production.
Average copper realized price was US$ 7,941/t, 2.7% higher q/q, mainly a result of positive provisional price adjustments, as the average LME reference price was lower than the average forward curve at the end of the quarter.
Finished nickel production from Sudbury-sourced ore decreased by 1.1 kt y/y, mainly due to the longer planned maintenance at Creighton mine for partial repair of the shaft, which impacted timing and flow of ore feed material to mill. Production increased by 1.9 kt q/q, following annual mine maintenance performed in Q3.
Finished nickel production from Thompson-sourced ore increased by 0.8 kt y/y and 1.9 kt q/q, mainly as a result of intermediate product recovery from precipitates as part of the circular mining initiative.
Finished nickel production from Voisey’s Bay-sourced ore decreased by 1.1 kt y/y and 0.4 kt q/q driven by the ongoing planned transition from the Ovoid open pit mine depletion to the underground VBME project ramp-up. Contained nickel in ore mined increased by 2.2 kt y/y as the underground mines continue to ramp up.
Finished nickel production from third parties increased by 1.6 kt y/y and 1.8 kt q/q. The consumption of third-party feed is in line with the strategy to maximize the utilization and performance of our downstream operations.
Finished nickel production from Indonesia-sourced material increased by 1.8 kt y/y and 2.7 kt q/q, mainly reflecting the higher availability of nickel in matte from Indonesia. Nickel in matte production was 19.1 kt in the quarter, the highest since 4Q21, as it continues to benefit from the improved mine and furnace performance.
Nickel production at Onça Puma decreased by 4.5 kt y/y and 5.2 kt q/q as operations are halted for the furnace rebuild to be completed in 1Q24.
Nickel sales totaled 47.9 kt in the quarter, 3.0 kt higher than quarterly production, as expected, mainly due to inventory sales built in Q3 to cover the Onça Puma furnace rebuild.
Average nickel realized price was US$ 18,420/t, down 13.3% q/q, mainly due to 15.2% lower LME reference prices q/q. The average realized nickel price in Q4 was 7% higher than the LME reference price, mainly due to the impact of positive hedging results and the higher share of Class I products in sales mix, sold at higher premiums.
Financial Report 4Q23
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