Brazil's Vale improved its financial performance in the third quarter of 2017, the iron ore miner says in its quarterly results report monitored by Kallanish.

“The performance in Q3 shows improvements in price realisation and the initial results of the cost management matrix approach," says Vale ceo Fabio Schvartsman. "This is a new phase for Vale in terms of efficiency, sustainability and corporate governance. Now we are able to go to the Novo Mercado listing segment well in advance of our original plans with the support of all our shareholders,” the executive adds.

Iron ore sales reached 76.38 million tonnes in Q3 or 10.7% more than the previous quarter, due to the ramp-up of the S11D mine, the company says. Net revenues from iron ore sales increased to $5.13 billion in Q3 from $3.34 billion in Q2. During the July to September period the average price for iron ore was $76.1/tonne on a cfr basis, compared to $60.70/t in Q2.

Pellet sales totalled 13.13mt in Q3, while coking coal sales reached 2.17mt. During this period, net revenues from both pellets and coking coal amounted to $1.70 billion, the company adds.

Vale posted $9.05 billion in total net revenues in the third quarter of 2017, or 25% higher than in Q2. Ebitda reached $4.19 billion in Q3, up by 53.6% compared to Q2. Net income totalled $2.230 billion in the period, $2.214 billion more compared to previous quarter ($16 million) and $i.655 billion up on the same period of 2016.

As reported, Vale set an all-time record for iron ore production in the third quarter of 2017 producing 95.1mt of iron ore. This was 3.0mt more year-on-year. Cumulative iron ore production in the January-September period reached 275.1mt, an increase of 6.5% over the same period in 2016 (see Kallanish 20 October).