Brazilian miner Vale is confident it will manage to meet the top end of its guidance for iron ore production in 2024, which stands between 310 million and 320 million metric tons, chief executive Eduardo Bartolomeo said.
His remarks come after Vale’s net profit tripled in the second quarter from a year earlier, with iron ore sales up 7% in the period.
Bartolomeo, who will leave his role at the end of this year, said the Brazilian company is making progress in the stability of its iron ore production and believes that costs are also expected to fall within expectations for this year.
Bartolomeo noted that costs were “seasonally higher in the second quarter, but on track to reach our guidance for the year, especially as our product mix and fixed cost dilution improves in the second half.”
Source: Reuters
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