Vale’s Q3 performance was marked by record iron ore output since 4Q18 and an increase in the production guidance for 2024. In copper, ore processed at Salobo 1 & 2 increased by 30% y/y supported by stronger mill performance. In nickel, performance of the Sudbury mines drove a 20% increase in mill throughput y/y.

Iron ore production reached 91.0 Mt, 4.7 Mt (+5%) higher y/y, driven by improved performance at S11D, Itabira and Brucutu. As previously announced, Vale has revised its production guidance upward to 323-330 Mt (from 310-320 Mt), reflecting continued improvements on operational stability and asset reliability. Pellets production totaled 10.4 Mt, 1.2 Mt (+13%) higher y/y. Iron ore sales were 81.8 Mt, up 1.3 Mt (+2%) y/y.

Copper production totaled 85.9 kt, 4.3 kt (+5%) higher y/y, reflecting stronger performance across all operations, which was partially offset by the impact of an incident in a conveyor belt at the Salobo 3 plant in June.

Nickel production totaled 47.1 kt, 5.0 kt (+12%) higher y/y, mainly reflecting stronger asset performance in Sudbury and the continued ramp-up of Voisey’s Bay underground mines.