淡水河谷2024Q3矿产铜产量同比增加5%至8.59万吨，镍产量同比增长12%至4.71万吨

Investment Rating - The industry rating is "Recommended" [4] Core Insights - In Q3 2024, the copper production reached 85.9 thousand tons, a year-on-year increase of 5% [2][3] - Nickel production increased by 12% year-on-year to 47.1 thousand tons, driven by strong performance from the Sudbury project and ongoing production at Voisey's Bay [2][3] - Iron ore production was 90.971 million tons, reflecting a 5% year-on-year increase, supported by improved performance from S11D, Itabira, and Brucutu [2][3] - The company has raised its production guidance for iron ore to between 323 million tons and 330 million tons, up from the previous guidance of 310 million tons to 320 million tons [2][3] Summary by Sections Overall Production and Sales - Q3 2024 copper production totaled 85.9 thousand tons, up 4,300 tons (+5%) year-on-year, despite setbacks from a conveyor belt incident at the Salobo 3 plant [2] - Nickel production reached 47.1 thousand tons, an increase of 5,000 tons (+12%) year-on-year, primarily due to strong performance from the Sudbury project [2] - Iron ore production was 90.971 million tons, reflecting a year-on-year increase of 470,000 tons (+5%) [2] - Pellet production was 10.363 million tons, a 13% increase year-on-year [2] Copper Business Performance - Salobo's copper production decreased by 3,000 tons year-on-year due to a fire incident and lower ore grades [3] - Sossego's copper production increased by 2,600 tons year-on-year due to higher mining volumes and improved ore grades [3] - Canadian copper production rose by 4,700 tons year-on-year, attributed to improved mining performance and reduced maintenance periods [3] - Average realized copper price was $9,016 per ton, down 2.0% quarter-on-quarter [3][11] Nickel Business Performance - Sudbury mine's nickel production increased by 5,600 tons year-on-year, benefiting from process improvements [7] - Voisey's Bay mine's nickel production rose by 2,200 tons year-on-year due to improved ore grades [7] - Average realized nickel price was $17,012 per ton, down 9% quarter-on-quarter [7][11]