Shares of the world`s largest iron ore producer, Vale, were slightly lower on Wednesday in spite of the company reporting record output last yea.

Vale said it produced 348.8m tonnes of iron ore in 2016, a slight increase of 3mt compared with a year earlier, helped by increased output from its Carajás Amazonian mine complex in northern Brazil, including the startup of its new S11D operation there.

“The annual production of 348.8mt was within the original production guidance range of 340- 350mt and came closer to the upper end of the range,” Vale said.

Vale shares slipped 0.63 per cent at R$31.71 per share in São Paulo compared with the benchmark Ibovespa index, which was up 0.14 per cent.

“The production guidance for 2017 remains within the 360-380mt range as previously announced and from the end of 2018 onwards Vale will most likely achieve the long-term base case target of 400mt,” the company said.

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