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Vale S.A.

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Vale expects to meet its full-year 2018 iron ore production guidance of approximately 390 Mt. It also expects to produce iron ore of around 400 Mt for 2019 onwards. The company will be able to achieve this as volumes continue to improve at its S11D mine. Vale will also benefit from its focus on investment in projects like Gelado and Salobo III. Lower debt levels and strong cash generation will also drive growth. Its shares have outperformed in-line with the industry over the past year. Its estimates have gone up lately, The company also has a positive record of earnings surprises in the last few quarters. However, Vale's performance will be impacted by rising costs and seasonal factors. Further, exchange-rate fluctuations will hurt Vale's revenues and profitability.

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