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Vale announces positive Q3 2013 results

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World Coal,

Vale has announced Q3 coal production of 2.4 million t – the same record level as Q2 – as revenues rose sharply on Q3 2012. Revenue totaled US$ 3.5 billion as iron ore prices remained higher than expected, despite widespread oversupply.

The expansion of the company’s operations at Moatize, Mozambique, has temporarily slowed due to port and rail restrictions. Current capacity does not allow for further utilisation of the potential 11 million tpa at Moatize, says Vale. The mine produced 706,000 t of metallurgical coal and 462,000 t of thermal coal in Q3.

Vale’s Australia operations produced 1.117 million t of metallurgical coal, up from 991,000 t in Q2. A 38.9% drop in production at the Carborough Downs metallurgical coal mine was offset by a shift to metallurgical coal production at the company’s other Australian operations. As a result, thermal coal production was just 91,000 t.

Adapted from press release by

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