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.
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).”
Read the full report here.
CTVNews.ca Top Stories
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
'He didn't want to die': Family of Calgary man killed in standoff speaks out
Family of a Calgary man killed after a 30-hour standoff with police last week are speaking out, sharing details of the tense and heart-wrenching experience.
Toronto family doctor who called patient's body 'perfect' suspended for 3 months: tribunal
A family doctor in Toronto has been suspended for three months after a disciplinary tribunal found that he failed to follow proper protocols while examining a patient's breasts and made inappropriate comments about her body.
Ohio mom who left toddler alone 10 days when she went on vacation pleads guilty to aggravated murder
An Ohio mother whose 16-month-old daughter died after being left home alone in a playpen for 10 days last summer while she went on vacation was sentenced Monday to life in prison with no chance of parole.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
5 charged in Calgary kidnappings that targeted women
Calgary police have charged five men in a pair of kidnappings last year that targeted innocent victims.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Canadian commander of volunteer fighter group dies in Ukraine
A Canadian-born commander of the so-called Norman Brigade, a volunteer fighting group in Ukraine, has died.