Brazilian mining company Vale has reported net income attributable to shareholders of $1.67bn in the first quarter (Q1) of 2024, a 9% fall from $1.83bn in the same quarter of 2023.

The bottom line was hit by declining metal prices, even though sales volumes improved.

The company’s net operating revenues in the three-month-period ended 31 March 2024 were $8.45bn, marginally up from $8.43bn in the prior year.

Its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA)  for Q1 2024 stood at $3.44bn, as against $3.71bn in Q1 2023.

Vales’ adjusted EBITDA margin was 41% in Q1 2024, compared with 44% in the same period last year.

Its capital expenditures over this period increased 23% to $1.39bn from $1.13bn.

The average realised prices of multiple commodities dropped, with nickel falling 33% year-on-year and copper dipping 18%.

Vale CEO Eduardo Bartolomeo said: “We got off to a strong start in 2024, fuelled by our commitment to operational excellence. In the Iron Ore Solutions business, our iron ore sales have increased by 15% year on year, driven by robust production – the highest Q1 output since 2019. We are also making progress on our growth projects, which will help improve our product portfolio’s quality and flexibility.

“Within the Energy Transition Metals business, improved performance at the Salobo complex, coupled with the Salobo 3 plant ramp-up, drove the increase in copper production and sales volumes.

“Encouraging results were also seen in our Canadian nickel operations, with higher availability of own sourced ore. Aligned with our commitment to society, we are proud to have achieved 100% renewable energy consumption in Brazil, two years ahead of schedule. As we continue on our journey, we remain committed to building an even greater Vale.”