Brazil mining watch

Brazilian miner Vale maintained its 2023 iron ore, copper and nickel guidance of 310Mt-320Mt, 335,000t-370,000t and 160,000t-175,000t.

In 2022, Vale's iron ore production fell 1.6% to 308Mt, while sales fell 3.8% to 261Mt. The fall in production was "mainly due to licensing delays at Serra Norte and jaspilite waste processing and operational performance at S11D," according to a press release.

Copper production dropped nearly 15%, totaling 253t, "due to extended maintenance at Sossego mill during the first half of the year, and additional maintenance required at both Sossego and Salobo." Sales totaled 243,900t, down 14.3%.

Nickel production grew 6% to 179t, "largely due to the stabilization of Sudbury operations after the labor strike in 2021, as well as consistent and strong performance at Onça Puma." Sales reached 180,800t, down 0.5%.

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Eco Mining acquired iron ore exploration rights in Riacho do Moreno, Bahia state, for an undisclosed amount, in this year’s first tender launched by Bahia state company CBPM.

The area hosts estimated resources of 15Mt of iron ore, CBPM said in a press release.

Eco Mining also won a CBPM iron ore tender last year.

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Axia Mineração assumed a copper exploration contract for the Bom Jardim de Goiás project. If it advances, the company wants to invest 100mn reais (US$19.7mn), according to a press release by the mines and energy ministry. 

Axia won the project in an auction in December, offering to pay a 2mn-real fee. The asset covers 1,000ha and hosts estimated resources 4.5Mt of ore.

“The expectation is that the exploration phase will last three to eight years and its results will enable the operation of the mine, which, in addition to generating hundreds of jobs, will be able to provide more than 17mn reais per year in tax collection,” Marcio Remédio, a director of geology and mineral resources department CPRM, said in the release.