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Vale announced financial result for the second quarter of 2019. Eduardo Bartolomeo, Chief Executive Officer, commented: "As we progress towards full and effective reparation, 2Q19 has been a transitional quarter for the business. Our response to dam´s breach started to bear fruit to ensure the safety of people and of the company’s operations, as well as to reduce uncertainties and to deliver sustainable results through the supply of a high-quality product portfolio, which will already be reflected in the next quarter".
On 2Q19, the Ferrous Minerals EBITDA totaled USD 4.2 billion, USD 621 million higher than 1Q19.
Base Metals EBITDA totaled USD 465 million in 2Q19, USD 40 million lower than 1Q19, mainly as a result of lower copper prices, as well as lower VNC (Vale at New Caledonia) production resulting in lower fixed cost dilution.
Vale´s Production Report for the second quarter of 2019 was announced on July 22. Vale’s iron ore fines production totaled 64.1 million tonne in 2Q19, 12.1% and 33.8% lower than 1Q19 and 2Q18, respectively. Vale pellet production 1 totaled 9.1 million tonne in 2Q19, 25.5% and 29.3% lower than 1Q19 and 2Q18, mainly as a result of the impacts following the Brumadinho dam rupture and the unusual weather-related conditions in the Northern System in April and early May. Iron ore fines and pellet sales volume was 70.8 million tonne in 2Q19, 4.5% higher than in 1Q19 and 18.2% lower than 2Q18. Although the production volumes decreased quarter over quarter, sales volumes increased 3.2 million tonne due to the consumption of offshore inventories.