Labour peace in Sudbury boosts Vale results in Q4, nickel sales rise by 31%
Labour peace in Sudbury boosts Vale results in Q4, nickel sales rise by 31%
This week, Vale Ltd. reported a 31 per cent increase in nickel sales in the fourth quarter of 2022. (File)
This week, Vale Ltd. reported a 31 per cent increase in nickel sales in the fourth quarter of 2022.
The company said overall, finished nickel production was lower compared to 2021, largely because of a furnace rebuild at its Voisey’s Bay operation in Newfoundland and planned maintenance at Onça Puma, a mine in Brazil.
While overall raw production was higher, the maintenance stoppages at Voisey’s meant 10 per cent less finished nickel was produced.
Vale relied on its nickel inventory for the sales boost.
“Nickel production grew six per cent in 2022 to 179 kt, largely due to the stabilization of Sudbury operations after the labour strike in 2021, as well as consistent and strong performance at Onça Puma,” the company said.
“Nickel sales were 31 per cent higher … and 23 per cent greater than the quarterly production, as expected, following the inventory buildup in Q3 to meet sales commitments during planned maintenance at Long Harbour and Matsusaka in Q4.”
Copper production decreased 15 per cent, Vale said, due to extended maintenance at Sossego mill in Brazil during the first half of the year, and additional maintenance required at both Sossego and another mill.
“This was partially offset by higher production in Canada owing to the stabilization of Sudbury mines and the recovery of copper from copper precipitates in Thompson, reducing waste as part of our approach to circular mining,” the company said.
Finished nickel production from Sudbury-sourced ore decreased by nine per cent, as mine and mill maintenance activities in Q3 limited finished production in Q4.
However, Vale said during Q4, “Sudbury mines achieved the highest quarterly production rates since 2Q19, which is expected to be translated into better finished nickel production in (the first half of 2023).”
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This week, Vale Ltd. reported a 31 per cent increase in nickel sales in the fourth quarter of 2022. (File)
