Adds details on the new guidance in the third paragraph.
Brazilian mining company Vale has increased its iron ore output projection but lowered its nickel output forecast for 2024.
The company expects to produce 323mn-330mn t of iron ore this year, up from the 310mn-320mn t projected in the second quarter of this year.
The new guidance comes at a time when the company sees its management model implementation "bearing fruits", while operations improved productivity and margins despite pricing pressures this year, Vale said.
Analysts welcomed the new projection, with the new production likely to raise the company's full year earnings before interest, taxes, depreciation, and amortization (ebitda) consensus by 4pc, RBC Capital analysts said in a note.
But it expects to produce less nickel this year, putting production at 153,000-168,000t, down from the 160,000-175,000t previously projected.
The reduction in Vale's nickel output forecast follows the completion of its partial divestment in PT Vale Indonesia (PTVI), it said.
