Brazilian miner Vale posted on Tuesday its highest annual iron ore production since 2018, even after a decline in output in the fourth quarter when the company prioritized higher-margin products.

Vale saw growth in its base metals division as copper production rose by nearly 3% year-on-year to 101,800 tons in the fourth quarter.

American depository receipts of Vale traded at about 4.6 times estimated earnings, compared with a ratio of 11 times for BHP Group Ltd. and 9.1 times for Rio Tinto Ltd. Both peers have a more diversified portfolio, with the weakening iron ore demand outlook prompting them to push hard into copper and lithium.

Vale S.A., one of the world’s largest mining companies, has reported its highest annual iron ore production since 2018. This milestone comes amid fluctuating stock markets and a global shift in investment strategies.

Vale S.A. VALE reported iron ore production of around 85 million tons (Mt) for the fourth quarter of 2024, which was 4.6% lower than the year-ago quarter, reflecting a shift toward higher-margin products.

Brazilian mining company Vale has announced its highest annual iron ore production since 2018, despite a decrease in fourth-quarter (Q4) output due to a strategic focus on higher-margin products. The company's production of the steel-making ingredient reached nearly 328 million tonnes (mt) in 2024,