Iron positive, despite lower volumes but copper slips
Iron ore output, of 86.2Mt, was lower because of a decrease in run-of-mine production from the Paraopeba complex, and lower output from Serra Norte. The company did however say that overall quality has improved, with iron content increasing 87bps year on year . This was seen as a positive by analysts at Jeffries, who reiterated their buy rating based on the higher iron content, calling the quarter a "solid" one in iron ore.
The increase was attributed to the ramp up of Salobo III, which saw the complex reaching its highest monthly output in September 2023 since July 2019. "On the base metals side, copper production of 81,600t fell well short of consensus and our estimate of 98,000t," Analyst Christopher LaFemina said, adding that the operational challenges at the Canadian operations "weighed on volumes".
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