The production of iron ore by Brazil’s Vale SA, the world’s largest producer of that raw material, reached a record in the third quarter encouraged by improvements in its S11D project in the Amazon state of Pará.
In a presentation to the market regulator on Monday, Vale said that iron ore production increased 10.3% in annual terms to 104,945 million tons, while that of pellets increased 8.7% to 13,878 tons.
Mineral sales also recorded a new high of 84 million tons.
The production of iron ore in the S11D and Carajás projects rose almost 20% to a record 53.9 million tons, accounting for most of the increase.
The company maintained its projection for iron ore production of around 390 million tons in 2018 and 400 million tons for 2019.
However, nickel production dropped 23.4% to 55,700 tons and sales declined 19.6% to 57,300 tons.
Vale has had difficulties in the nickel segment, where prices have not yet picked up due to oversupply despite the key role that metal plays in lithium-ion batteries used in electric cars.