Vale iron-ore output rose 8% in fourth quarter

  • Thursday, March 28, 2019

  • Keywords:Steel raw material Iron ore
[Fellow]Vale iron-ore output rose 8% in fourth quarter

Brazilian miner Vale said on Tuesday that total iron ore output rose 8.2% in annual terms to 100.988-million tonnes in the fourth quarter, which closed about a month before the collapse of its tailings dam at Brumadinho killed hundreds of people.

For all of 2018, Vale's output was 384.639-million tonnes, slightly below its previously divulged outlook of 390-million tonnes.

Since the collapse, the company, the world's biggest iron-ore miner, has halted operations at various mines, in some cases voluntarily, in others under court order, as it and regulators scrambled to avoid a recurrence of the deadly Brumadinho disaster, which itself followed a similar collapse in 2015.

The company said on Tuesday that the annualised impact to iron-ore production resulting from events linked to the dam break currently stands at about 92.8-million tonnes.

The production figures were divulged a day ahead of quarterly results for Vale, which investors are expected to scour for information about its game plan for putting the disaster behind it.

Vale shares are down 12% since the late January accident, which unleashed a torrent of toxic mud that engulfed a cafeteria, other company buildings and a nearby bed and breakfast.

The company had previously said it expected to produce 400-million tonnes of iron ore in 2019, but with some 80-million tonnes of capacity offline, that is unlikely.

  • [Editor:tianyawei]

Tell Us What You Think

please login!   login   register
  • Buy & Sell

Please be logged in to comment!