Vale (VALE3) reports net profit attributable to shareholders of US$ 1.67 billion in 1Q24, a drop of 9%

Published at 8:23 pm

The mining company Vale (VALE3) released its results for the first quarter of 2024 (1Q24) on Wednesday night, the 24th.

Vale reported net profit attributable to shareholders of US$1.679 billion. This value corresponds to a 9% drop compared to 1Q23 (US$ 1.83 billion).

Vale’s adjusted Ebitda reached US$3.438 billion, a drop of 7% compared to 1Q23.

At 8:14 pm, Vale’s ADRs (share receipts traded in New York) had fallen 1.37% in after-hours trading in NY.

“We started 2024 well, driven by our commitment to operational excellence. In the Iron Ore Solutions business, our iron ore sales increased 15% year-on-year, supported by strong production – the highest Q1 production since 2019. We are also making progress on our growth projects, which will help improve the quality and flexibility of our product portfolio. Within the Metals for Energy Transition business, the better performance at the Salobo complex, combined with the ramp-up of the Salobo 3 plant, allowed an increase in copper production and sales volumes. Promising results were also seen in our nickel operations in Canada, with greater availability of our own ore, commented Eduardo Bartolomeo, CEO of Vale.

See more details of Vale’s results in the table below:

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