Nickel production reached 67,500 t in 1Q14, in line with 4Q13 and 3.7% higher than 1Q13, reaching an historic mark for a first quarter. Negative impacts from a longer and colder winter in our Canadian operations were offset by increased production from Onça Puma and Vale New Caledonia.

VNC resumed its operations on January 1st, 2014, following repairs to the effluent placement and dispersion line. Total nickel production in the form of nickel oxide and nickel hydroxide cake was 5,600 t (3,300 of NHC and 2,300 of NiO) in 1Q14, matching its best quarter to date, including 2,688 t produced in March, which was a record month for the operation.

• [Editor:Juan]