Sales of iron ore, copper and nickel increased by 5% (4 million tons), 20% (15 thousand tons) and 6% (2 thousand tons) year-on-year.
The average selling price of iron ore fines was 94.4 USD/ton, which is 11% higher than in the previous quarter and 4% higher than in the previous year, exceeding the overall increase in the reference price of iron ore. This growth reflects an increase in quality allowances due to the strategy of expanding the product range.
The total cost of iron ore decreased by 4% year-on-year to $ 52.9. USD/ton due to increased quality allowances and lower transportation costs.
Total copper costs decreased by 65% year–on-year (to $994/ton), and nickel costs decreased by 32% year-on-year (to $12,347/ton). These improvements were driven by increased operational efficiency, increased production, and increased revenue from by-product sales.
The forecast cost of copper for 2025 has been revised downward to 1000-1500 USD/ton (from 1500-2000 USD/ton) due to rising gold prices. The forecast cost of nickel for 2025 has been revised downward to $13,000-$14,000. USD/t (from USD 14,000-15,500/t) due to stable operating performance and high metal prices, which has a positive impact on polymetallic assets.
EBITDA was 4.4 billion, an increase of 17% year-on-year and 28% quarter-on-quarter, driven by higher volumes, improved cost efficiencies, and higher prices for iron ore, copper, and by-products.
Continuous free cash flow generation amounted to US$ 1.6 billion, which is US$1.0 billion more than in the same period of the previous year, primarily reflecting higher EBITDA.
Net debt increased to US$ 16.6 billion at the end of the quarter, which is 0.8 billion lower than the previous quarter , due to the steady generation of free cash flow. CEO: "We achieved another strong quarter, marked by solid operational performance, continued progress in the implementation of our strategic program and commitment to safety principles. Iron ore production reached its highest quarterly level since 2018, and copper achieved its best result in the third quarter since 2019, while we continued to improve our competitiveness in terms of nickel costs.
