Brazilian iron ore and pellet producer Samarco, controlled by Vale and BHP Billiton, has announced its financial and operational results for the first quarter this year.
In the given quarter, the company registered a net profit of $329.2 million, compared to a net loss of $347.9 million in the first quarter of 2023, while its net sales revenues amounted to $434.8 million, rising by 18.0 percent year on year, due to its higher sales volume and sales prices. Samarco’s adjusted EBITDA in the first quarter increased by seven percent year on year to $249.8 million.
In the first quarter, the company produced 2.3 million mt of pellets, moving up by 12.0 percent from 2.1 million mt recorded in the same quarter last year, while its pellet sales came to 2.5 million mt, growing by 13.0 percent year on year. Samarco stated that its production and sales volumes increased mainly due to higher operational performance, the stability of the production process and the debottlenecking achieved by starting up pipeline No. 3, which has a higher capacity.