Vale On Track To Deliver 2020 Iron Ore Production Guidance
Vale S.A. (VALE) said, in second quarter, production across the company’s businesses faced some impacts due to the COVID-19 pandemic. Iron ore fines production accelerated towards the end of the quarter, with June production at 25.1 Mt, a 23% increase in comparison to the previous 5-month average. Vale’s guidance for iron ore fines production in 2020 is unchanged, at 310-330 Mt, assuming the lower end of the guidance as the most likely scenario. S11D reached a run-rate of 91 Mtpy in June, which is likely to improve in second half towards an annual production slightly over 85 Mt. Vale’s guidance for pellet production in 2020 was revised to 30-35 Mt from 35-40 Mt.
The company also announced the appointment of Denis Cuenca as Chief Compliance Officer. He will be responsible for the compliance office, including the integrity department, the internal audit and the whistleblower channel.
Source: RTT News