Vale Sees Record Iron Ore Production in 2016

Vale, a Brazilian metals and mining company, said iron ore production reached 348.8 Mt in 2016, representing a new annual record. The company said in a filing with the U.S. Securities and Exchange Commission production was 3.0 Mt
higher than in 2015 mainly due to better operational performance at the mines and plants of the
Northern System, “which more than offset the decrease in production in the other systems.”

The annual production of 348.8 Mt was within the original production guidance range of 340-350 Mt and came closer to the upper end of the range.

Vale said production guidance for 2017 remains within the 360-380 Mt range. The company also said that from the end of 2018 onward it will most likely achieve the long-term base case target of 400 Mt.

By Caroline Williams