2Q23 Sales and Production report
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Vale's Sales and Production performance for 2Q23 is now available.
The 2Q23 report was released on Tuesday, July 18th.
Below you can see the main highlights, as well as the full report:
Highlights
Iron ore production increased 6% y/y driven by a record output for a second quarter at S11D, followed by solid performance at Itabira and Vargem Grande complexes, improving Vale’s average product portfolio quality. Pellet production increased 5% y/y driven by the higher production at Tubarão plants as a result of higher pellet feed production.
Iron ore fines and pellet sales increased 1% y/y as Ponta da Madeira Terminal restored productivity during Q2, after restrictions due to heavy rains affected shipments and sales in Q1.
Copper production increased 41% y/y and 18% q/q largely attributed to the successful ramping up of Salobo III plant and the improved performance of the Sossego operation. Copper sales increased 43% y/y and 18% q/q as result of higher production volumes.
Nickel production increased 8% y/y largely attributed to better operational performance in Sudbury and Indonesia. Nickel sales increased 3% y/y driven by improved production, remaining relatively stable q/q due to inventory buildup in Q1.
Download the 2Q23 Sales and Production report
Check out the results of our main products below:
- S11D production increased by 2.6 Mt y/y, a record production for a second quarter. This performance reflects the positive results from continued initiatives to improve asset reliability and from installing new crushers in 2022.
- Southeastern System production was 2.2 Mt higher y/y, mainly driven by Itabira performance as a result of better run-of-mine quality improving the plants’ productivity and higher third-party purchases.
- Southern System production increased by 1.3 Mt y/y mainly due to better performance at Vargem Grande as a result of improvements in the wet processing and tailings disposal system and from asset reliability initiatives and additional production and sales of run-of-mine from the Paraopeba complex, which were partially offset by unscheduled maintenance at Viga site in April and May.
- Pellet production increased by 0.4 Mt y/y, driven by production at the Tubarão plants, with more pellet feed from Itabira, partially offset by the lower output at the São Luis plant due to maintenance activities.
- Iron ore fines and pellet sales increased by 0.5 Mt y/y as Ponta da Madeira Terminal restored productivity during 2Q23, after loading restrictions due to heavy rains affected shipments and sales in 1Q23.
- Salobo copper production was 13.1 kt higher y/y due to the successful and ongoing ramp-up of Salobo III, which contributed 13.2 kt to overall production from the complex, surpassing our plan for the quarter. This was partially offset by planned maintenance activities and additional work on the crushers at Salobo I and II. The maintenance activities will continue in 2H23 as planned.
- Sossego copper production increased by 9.6 kt y/y and 1.7 kt q/q, driven by improved operational performance, following the extended maintenance work that impacted last year’s performance.
- Copper sales were 22.3 kt higher y/y, in line with higher copper production in the same period.
- The average realized copper price was US$ 7,025/t in the quarter, up 13% y/y, mainly due to the lower impact of provisional price adjustment that offset lower LME prices (US$ 8,424/t in 2Q23 vs. US$ 9,513/t in 2Q22) and higher TC/RC discounts. The realized prices in the quarter were negatively affected by the downward trend in prices and the effect of associated provisional pricing adjustments.
- Finished nickel production from Sudbury sourced ore increased by 3.5 kt y/y. Sudbury mine operations continue to improve y/y. The increase is also due to the lower production in 2022 as a result of the 28-day maintenance shutdown at the Sudbury smelter and refinery which began in early April and reached full production again in June.
- Finished nickel production from Thompson sourced ore decreased by 1.1 kt y/y, mainly as a result of planned maintenance activities at the Long Harbour refinery.
- Annual mine-mill maintenance is planned for 3Q23 at the Sudbury and Thompson operations. Nickel concentrates inventories accumulated in 2Q23 will offset the lower production during this period.
- Nickel sales were 1.0 kt higher y/y as a result of higher production. Sales remained relatively stable q/q due to inventory buildup in Q1 to meet sales commitments during planned maintenance at Long Harbour and Clydach refineries.
Financial Report 2Q23
The 2Q23 Financial Report will be released on July 27th. Following the release, our key executives will host a webcast (real-time audio conference call) with analysts and investors on July 28th to discuss the quarter's results.
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