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
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.