With the earnings season in full swing iron ore majors started to release their Q3 production figures over the past few days. Vale, posted a record output as it ramped up its production in its S11D mine in Q3. Total production was up 10.3% year on year to 104.9mt whereas output from its S11D was up 160% year on year and 12.5% quarter on quarter to 16.1mt.
BHP Billiton also saw its output rising to 69.3mt, 7.9% from 64.3mt in 3Q17. By contrast, Rio Tinto’s production dropped by 3% year-on-year, as a result of planned maintenance and safety pauses across all operations following an August fatality at the Paraburdoo iron ore mine.
Although Vale seems to have boosted production the most year on year, year to date growth figures paint a different picture. All three miners have experienced significant growth since the beginning of 2018, however Vale’s output grew the least, only by 3.8%. By contrast, BHP Billiton’s and Rio Tinto’s Q1-Q3 production growth was 6.3% and 4.8% respectively.
Vale also maintained its 2018 target unchanged at about 390 million tonnes, which implies that Q4 production will break yet another record and reach approximately 106mt. Output from its S11D mine - which is currently running at 70% of its nominal capacity - is expected to continue to rise in Q4. As for 2019, Vale’s target stands at 400mt.
Sources:XINDE MARINE NEWS
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