Vale Iron Production Falls More Than Analyst Estimates on Permitting Delays

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.

Click here to read the full Bloomberg report.