1Q23 Sales and Production report
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Vale's Sales and Production performance for 1Q23 is now available.
The 1Q23 report was released on Tuesday, April 18.
Below you can see the main highlights, as well as the full report:
Highlights
Vale’s Q4 performance was marked by: Iron ore production increased 6% y/y; Pellets production increased 20% y/y; Copper production increased 18% y/y; Nickel production decreased 10% y/y.
Sudbury mines had strong performance in the quarter, reaching ore production rates of 11.8 ktpd in March, the highest rate since 2017.
Sudbury mines had strong performance in the quarter, reaching ore production rates of 11.8 ktpd in March, the highest rate since 2017.
Download the 1Q23 Sales and Production report
Check out the results of our main products below:
- Iron ore production increased by 3.7 Mt y/y, driven by a stronger operational performance at S11D and lower rainfall in Minas Gerais.
- Pellet production increased by 1.4 Mt y/y, driven by higher production at Tubarão 3 plant after scheduled maintenance in 1Q22, and higher Vargem Grande plant output due to higher pellet feed availability. In March, Torto dam’s emergency plan was approved, and Vale expects to receive its operating license by the end of Q2.
- All-in premium totaled US$ 2.1/t, US$ 7.0/t lower y/y, driven by higher sales mix of high-silica products, which, despite the positive margins, reduce average premiums, lower share of IOCJ and BRBF in the sales mix, due to port restrictions at Ponta da Madeira Terminal, lower market premiums for pellets.
- Iron ore fines realized price was US$ 108.6/t, US$ 32.8/t lower y/y, mainly due to lower benchmark prices (US$ 16.1/t lower y/y), a negative effect of pricing adjustment mechanisms (US$ 12.6/t lower y/y), and lower fines premiums (US$ 5.8/t lower y/y). Iron ore pellets realized price was US$ 162.5/t, US$ 32.1/t lower y/y, mainly due to lower benchmark prices, and the net effect of lower market premiums.
- Sossego copper production was 9.5 kt higher y/y as a result of improved plant availability, benefitting from the extended SAG mill maintenance conducted in 1H22.
- Salobo copper production was 1.1 kt lower y/y due to planned and corrective maintenance in 1Q23, partially offset by the rampup of Salobo III. Salobo III contributed with 3 kt of copper to the overall Salobo complex.
- We advanced with maintenance activities at both Salobo and Sossego operations in 1Q23, and additional maintenance is planned for 2Q23.
- Copper production in Canada increased by 2.0 kt y/y, mostly due to higher production from Sudbury, which was driven by greater mine performance and stability this quarter. This increase was partially offset by lower production in Voisey’s Bay due to the ongoing mine transition.
- Copper sales were 12.4 kt higher y/y, driven by higher production.
- Average realized price for copper was US$ 9,465/t in the quarter, down 13% y/y, mainly due to lower LME prices. The realized price was 6% higher than average LME price for the quarter (US$ 8,927/t) as a result of the positive effect of the provisional pricing arrangements (PPAs), as open invoices were marked-up at lower prices in the beginning of the quarter.
- Finished nickel production from Sudbury sourced ore increased by 0.9 kt y/y mostly due to improved mining performance. In March, the Sudbury mines achieved the highest ore production in March since October 2017.
- Finished nickel production from Thompson sourced ore decreased by 0.4 kt y/y, as 1Q22 was positively impacted by the transition of Thompson nickel concentrate processing from Sudbury to Long Harbour, when both plants were processing Thompson concentrate.
- Finished nickel production from Voisey’s Bay sourced ore was 3.2 kt lower y/y as we proceed with the ongoing transitional period between the depletion of Ovoid mine and ramp-up to full production of the Voisey’s Bay underground project. Planned maintenance at Voisey’s Bay and Long Harbour operations are scheduled for 2Q23, with expected impact on Voisey’s Bay and Thompson ore source production in the quarter.
- Finished nickel production from third parties increased by 2.2 kt y/y. For 2023, consumption of feed from third parties is expected to remain at higher levels than in recent years, in order to maximize the utilization and performance of our downstream operations.
- Finished nickel production from Indonesia sourced material was 3.6 kt lower y/y due to slightly longer scheduled maintenance shutdown at the Matsusaka Refinery in 1Q23, as well as the one-off effect of direct matte sales relocation from 2Q22 to 1Q22 last year. Nickel in matte production increased 22%, reaching 16.8 kt in 1Q23, resulting from the conclusion of the planned furnace rebuild, which started in December 2021 and concluded in June 2022.
- Onça Puma production was 0.5 kt lower y/y impacted by the maintenance of the furnace in 1Q23, in preparation for the furnace rebuild later in the year.
- Nickel sales were 1.1 kt higher y/y, as 1Q22 sales were impacted by inventories held to cover sales commitments in 2Q22.
- Average realized price for nickel was US$ 25,260/t in the quarter, representing a 14% increase y/y, mainly as a result of higher premiums for Class I products and the positive impact of hedge, with average strike price reaching US$ 34,929/t in the quarter. This was partially offset by the negative impact of quotational period due to the sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price, fixed-price sales, and higher discounts for Class II products.
Photographer: Marcelo Coelho
Financial Report 1Q23
The 1Q23 financial report will be released on April 26th. Following the release, our key executives will host a webcast (real-time audio conference call) with analysts and investors on April 27th to discuss the quarter's results.
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