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Vale Iron Production Falls More Than Analyst Estimates on Permitting Delays
Apr. 17, 2013 04:04PM PST
Base Metals Investing
Bloomberg reported that Vale SA’s first quarter iron ore output dropped 3.5% to 67.5 million metric tons after permit shortages and operational limitations.
Bloomberg reported that Vale SA’s first quarter iron ore output dropped 3.5% to 67.5 million metric tons after permit shortages and operational limitations.
As quoted in the market news:
Production dropped on a year-on-year basis, this time influenced by constraints related to permits and other operational issues,” Vale said in the statement after the close of regular trading hours. “Rainfall in our iron-ore mining sites in Brazil was in line with its seasonal pattern, being more concentrated on the coastal regions, raising challenges for the operation of our maritime terminals.