(Minews) - Brazilian mining company Vale SA said on Thursday it ramped up production of iron ore and other key commodities in the fourth quarter, despite sharply lower prices.
The world’s largest iron-ore producer said its output of the steelmaking ingredient rose 2.1% in the fourth quarter from a year earlier to 82.97 million metric tons. That brought Vale’s 2014 iron-ore production to a record 319.22 million tons, up 6.5% from the previous year and 7.2 million tons above Vale’s own guidance.
Increasing output of the commodity from mining companies like Vale, combined with a slowdown in demand from China, have weighed on the market and brought prices to their lowest level in almost six years.
Iron-ore prices fell roughly 50% during 2014. The drop took place largely in the final months of the year.
Vale’s nickel output rose 8.4% in the fourth quarter to 73,600 tons, thanks to sharply higher production in New Caledonia and Brazil, where the company is ramping up new mines. For the full year, Vale’s nickel output increased 5.7% to 275,000 tons, the highest since 2008 but 14,000 tons short of guidance due to operational issues at several facilities.
Copper production rose 11% in the fourth quarter to 58,400 tons and finished 2014 up 13% at 208,000.
Vale’s fourth-quarter coal output increased 2.3% to 2.31 million tons and finished 2014 at 8.65 million tons, down 1.4% on the year.
