China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
Vale announced an adjusted EBITDA of US$3.9 billion in Q2 with iron ore production of 96.8 tonnes and sales of 86.5 tonnes.
Iron ore production was 4.9 tonnes higher than the same period a year ago. Vale’s net operating revenues were US$8.616 billion.
Vale said capital expenditures have reached the lowest level for a second quarter since 2005, totaling US$705 million with US$205 million in project execution and US$500 million in sustaining capital.
The company benefited from the devaluation of the BRL against USD.
Voisey Bay announced a underground mine expansion project to be funded through its cobalt streaming deal announced in June.
Vale concluded negotiated new freight terms and lowered its shipping costs by US$5 per tonne.
Comments
Lichimon
“iron ore production of 96.8 tonnes and sales of 86.5 tonnes” – should be million tonnes, of course.