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10/17/23

Business

Production and Sales Report 3Q23


• Iron ore production decreased by 4% y/y, mainly due to lower run-of-mine production from the Paraopeba complex and lower output from Serra Norte. The overall quality has improved with iron content increasing 87 bps y/y. This is a result of higher production at S11D and higher pellet feed output from Brucutu with the commissioning of the Torto dam, boosting pellet production by 11% y/y.

• Iron ore fines and pellet sales increased by 6% y/y, benefiting from favorable market conditions.

• Copper production increased by 10% y/y, mostly due to the continued ramp-up of Salobo III with the Salobo complex reaching, in September, the highest monthly production level since July 2019. Considering performance to date and the expected volume for Q4, we are now forecasting a full year production of 315-325 kt. Copper sales increased by 8% y/y, following higher production volumes.

• Nickel production decreased by 19% y/y, in line with plan, mainly due to the continued transitioning of Voisey’s Bay to underground operations and additional maintenance at the Sudbury refinery in Q3. Nickel sales decreased by 12% y/y, in line with production.


 

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