Brazilian mining company Vale has reported net income attributable to shareholders of $1.67bn in the first quarter of 2024 (Q1 2024), a 9% fall from $1.83bn in the same quarter of 2023.

The company’s net operating revenues in the three-month period ended 31 March 2024 were $8.45bn, marginally up from $8.43bn in the prior year.

Its adjusted EBITDA for Q1 2024 stood at $3.44bn, as against $3.71bn in Q1 2023.

Vales’ adjusted EBITDA margin was 41% in Q1 2024, compared with 44% in the same period last year.

The miner’s capital expenditures over this period increased 23% to $1.39bn from $1.13bn.

The average realised prices of multiple commodities dropped, with nickel falling 33% year-on-year and copper dipping 18%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This was offset by growth in sales volumes of metals.

Vale CEO Eduardo Bartolomeo said: “We got off to a strong start in 2024, fuelled by our commitment to operational excellence. In the Iron Ore Solutions business, our iron ore sales have increased by 15% year on year, driven by robust production – the highest Q1 output since 2019. We are also making progress on our growth projects, which will help improve our product portfolio’s quality and flexibility.

“Within the Energy Transition Metals business, improved performance at the Salobo complex, coupled with the Salobo 3 plant ramp-up, drove the increase in copper production and sales volumes.

“Encouraging results were also seen in our Canadian nickel operations, with higher availability of own sourced ore. Aligned with our commitment to society, we are proud to have achieved 100% renewable energy consumption in Brazil, two years ahead of schedule. As we continue on our journey, we remain committed to building an even greater Vale.”