The company said it produced 80.85 million tonnes of iron ore during the last three months of 2022, sending its annual output to 307.8 million tonnes, slightly below its 310 million tonne forecast. Vale blamed seasonally higher rainfall levels in its mines in Brazil for missing its forecast, as well as slower licensing processes in its Northern System. Sales volumes of iron ore, a key material for making steel, fell 0.7% in the quarter, but still came in 24.2% above the previous three months, the company said.
VALE S.A. (VALE) closed at $18.51 in the latest trading session, marking a -0.8% move from the prior day.
Here is how SSR Mining (SSRM) and VALE S.A. (VALE) have performed compared to their sector so far this year.