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Vale SA (NYSE:VALE) released its 2015 production report, commenting that it posted annual and quarterly production records for iron ore, pellets, nickel, copper, cobalt and gold.
Vale SA (NYSE:VALE) released its 2015 production report, commenting that it posted annual and quarterly production records for iron ore, pellets, nickel, copper, cobalt and gold.
However, according to Reuters, the company’s results were below what some analysts expected. The news outlet states:
“Production fell short of both our estimate and consensus and surprisingly was down 3% on a sequential basis,” said Garrett Nelson and Jason Nguyen, metals and mining analysts with BB&T Capital Markets in Richmond, Virginia in a note to clients.
As a result, Nelson and Nguyen cut their fourth-quarter outlook for Vale’s earnings before interest, taxes, depreciation and amortisation, or Ebitda, a measure of cash flow from operations, by 3.5% to $1.39-billion. Vale releases fourth-quarter and full-year financial results on February 25.
The result pushed full-year 2015 output to 345.9-million tonnes, another record, helping to maintain Vale’s place as the world’s largest producer of the steelmaking ingredient. It did, however, beat Vale’s target of 340-million tonnes for the year.
Click here to read the full Mining Weekly report.
Click here to read the full Vale SA (NYSE:VALE) press release.