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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Rookie goalie Arturs Silovs to start for Canucks in Game 1 vs. Oilers
Rookie goalie Arturs Silovs will start in net for the Canucks as Vancouver kicks off a second-round series against the Edmonton Oilers Wednesday night.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.