Vale sees key mine topping iron ore output forecasts in 2018 -source
Brazilian miner Vale SA expects iron ore output at its premier S11D mine to reach 58 million tonnes this year.
Brazilian miner Vale SA expects iron ore output at its premier S11D mine to reach 58 million tonnes this year.
The companies were recognized with the awards yesterday at the CIM Awards Gala in Vancouver.
The comments came a day after Vale reported a first-quarter slide in profit of 36 percent on higher costs and lower iron ore prices.
A day after first quarter results showed a 36 percent slump in profit, executives said they were not satisfied with nickel prices.
The world's largest iron ore producer posted a 36 percent slump in first-quarter profit compared to the same quarter a year earlier.
The world's top iron ore producer said that heavy rains in the first three months of the year impacted its output.
The accident killed 19 people, left hundreds homeless and unemployed and caused sludge to wash downstream into the neighbouring state of Espírito Santo.
The share sale may be worth up to $2.4 billion if BNDESPar, the investment arm of state development bank BNDES, also sells part of its Vale stake.
Vale said in a securities filing that net income totaled $771 million, compared with an average consensus estimate of $2.537 billion.
Output of the steelmaking material reached 366.5 million tonnes last year, boosted by record high productionat Vale's northern system, which composed of its Carajás, Serra Leste and the massive S11D mine.