Brazil's Vale hits second-quarter iron-ore record
RIO DE JANEIRO – Brazilian mining company Vale said on Thursday it produced 85.3-million tonnes of its own iron-ore in the second quarter, a record for the quarter and second highest ever for the firm.
The total was 7.4% higher than the same period last year as the world's largest iron-ore producer continues to ramp up output despite a falling price for the mineral, which recently touched a decade low. Vale's all-time quarterly record for the main steel-making ingredient was 85.7-million tonnes in the third quarter of 2014.
Shares in Vale rose 1.5% in early morning trade in Sao Paulo.
As the iron-ore market moves from boom to bust, Vale is in a battle for market share with low-cost Australian producers Rio Tinto and BHP Billiton.
On top of increasing overall output, Vale reiterated it is cutting 25-million to 30-million tonnes a year of low-quality iron-ore on which the company is no longer making enough money. Vale did not give a timeframe for the reduction in low-quality ore volumes but said it would be replaced by new, higher-quality production.
The company also produced 67 100 t of nickel and 2.01-million tonnes of coal in the quarter, the company said in a statement.
When 4.02-million tonnes of iron-ore purchased from third parties is included, Vale produced 89.3-million tonnes in the quarter.
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