Vallourec to resume full production at its Pau Branco iron ore mine
May 05 2023 - 2:03PM
Vallourec to
resume full production at its Pau Branco iron ore
mine
Meudon,
France, 5 May
2023 – Vallourec has obtained the
necessary permissions from the state mining and environmental
authorities for the full release of the Cachoeirinha core waste
pile. The Pau Branco iron ore mine is set to return to full
production by the end of Q2 2023 at the latest.
Operations at the Pau Branco mine were
temporarily suspended in January 2022 following flooding-related
damage to its core Cachoeirinha waste pile. Operations were
partially restarted in May 2022 using alternative waste piles,
albeit at lower-than-normal capacity levels. The production sold in
2022 reached 4.0 million tonnes, well below the full potential of
8.7 million tonnes per annum. Vallourec now confirms that
production sold in Q1 2023 was in line with guidance for
approximately 1.5 million tonnes, and April production sold was
approximately 0.6 million tonnes. The mine is now expected to
return to its full production potential by the end of Q2 2023 at
the latest.
Philippe Guillemot, Chairman and Chief Executive
Officer of Vallourec, commented: “We are delighted at the prospect
of fully reopening our Pau Branco mine and the resumption of normal
operations. This will enable our mining business to contribute more
meaningfully to the financial performance of Vallourec.”
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 16,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF
120 and Next 150 indices and is eligible for Deferred Settlement
Service.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R4074, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
For further information, please
contact:
Investor
relationsConnor LynaghTel: +1 (713)
409-7842connor.lynagh@vallourec.com |
Press
relations Héloïse RothenbühlerTel: +33 (0)1 41 03 77
50 heloise.rothenbuhler@vallourec.com |
Individual shareholdersToll Free Number (from
France): 0 800 505 110 actionnaires@vallourec.com |
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- Vallourec to resume full production at its Pau Branco iron ore
mine
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