CAPITAL MARKETS

Vale iron ore output hits record

VALE'S first-half iron ore production has hit a new record as oversupply concerns persist.

Kristie Batten
Vale iron ore output hits record

Iron ore production was 159.8 million tonnes, up 9.3Mt on the first six months of 2014.

Quarterly output reached 85.3Mt, the second-highest quarter ever and the highest June quarter production ever for the company.

The company will reduce supply of high-silica ores by 25-30Mt, but will replace the volumes with higher quality product.

In May, Vale was granted the licence for the extension of the N5S mine, which is high-quality and low-cost with reserves of 888Mt at 67.2% iron.

The new N4WS mine ramped up, producing 9.6Mt at 65.1% iron and low phosphorous.

Vale said the quality of the iron ore it mined would increase in the current half.

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