The Brazilian miner, Vale, has updated its guidance for iron ore production to a range of 323-330 million mt in 2024, according to a recent statement.
The previous expectation, unveiled in the disclosure of its results for the second quarter of 2024, was a range of 310-320 million mt.
In addition to its own production, such volume includes acquisitions from third parties, run-of mine, and pellet feed supplied to the company's pellets plants.
The higher volume reflects the start of operations of the wet processing plant of VargemGrande 1 (VGR1), also announced today, which is expected to increase to 340-360 million mt the guidance for iron ore production in 2026.
VGR1 was operating with natural moisture since 2019, due to the unavailability of water capture and disposal at the Vargem Grande dam which is being decommissioned.
According to Vale, the process consists of adjusting the water circuit and waste containment system at VGR1 with the implementation of new assets allowing for the resumption of wet concentration operations.
The process will also allow for a 2 percentage points increase in the iron contents of the ore produced.