Vale SA reported record iron-ore production, beating analyst estimates, as the world’s biggest mining companies continue defying a collapse in prices by increasing output.
Iron-ore output rose 2.9 percent to 88.2 million metric tons in the third quarter, compared with 85.7 million tons a year ago, the Rio de Janeiro-based company said in a statement Monday.
The result, which excludes third-party purchases and operations at a venture with BHP Billiton Ltd. in Brazil, topped the 87.9 million-ton average of eight analyst estimates compiled by Bloomberg. Nickel and copper production missed forecasts.
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