Vale sees FY23 cost guidance $15,500-$16,000 per ton

The all-in cost guidance for 2023 has been revised up to $15,500-16,000/t from $13,000/t mostly driven by the lower-than-expected prices for by-products, namly cobalt and PGMs, which dropped 30-40% since the guidance was provided; lower-than-expected by-products volumes, mainly resulting from the higher-than-anticipated impact of the change in mining method at Coleman mine; and (higher-than-expected nickel and copper prices, impacting 3rd party feed purchase costs.