Vale tops estimates with improved operations

Production surpassed levels seen in the first quarter of 2023, though was lower than last year’s fourth quarter due to seasonal factors. — Bloomberg

RIO DE JANEIRO: Vale SA, the Brazilian mining giant, produced more iron ore than expected in its first quarter on better operational performance at its biggest mine.

The world’s No. 2 iron ore producer reported output of 70.8 million tonnes in the quarter, compared with the 68.2 million tonnes average estimate of analysts tracked by Bloomberg.