Brazilian miner Vale VALE3.SA is confident it will manage to meet the top end of its outlook for iron ore production in 2024, which stands between 310 million and 320 million metric tons, chief executive Eduardo Bartolomeo said on Friday.

His remarks come after Vale’s net profit tripled in the second quarter from a year earlier, with iron ore sales up 7% in the period, and as the company tries to soothe market concerns about demand from top consumer China.

Bartolomeo, who will leave his role at the end of this year, said the company is making progress in the stability of its iron ore production and believes that costs are also expected to fall within expectations for this year.

“Our costs were seasonally higher in the second quarter, but are on track to reach our guidance for the year, especially as our product mix and fixed cost dilution improve in the second half,” the executive told a call with analysts.

“Our sales reflect our strong performance,” Bartolomeo said. “And the best is yet to come. We are really confident on delivering on our strategic guidance.”

Vale believes there is support for global iron ore prices to remain above $100 per ton, as falling below that level would keep some producers away from the market.

Dalian iron ore futures on Friday snapped a three-session slide buoyed by fresh stimulus from China to close at $107.45 per ton, but posted a weekly loss amid concerns about demand from the ailing property sector.

“We have a positive eye on China,” Vale’s head of iron ore solutions Marcello Spinelli said, adding the Chinese economy is resilient and while the property sector faces a decline, infrastructure is playing an important role.

“For 2024 and 2025 we are in a good shape and a balanced market,” Pimenta said.

Sao Paulo-traded shares of Vale rose 1.8% on Friday, while local benchmark stock index Bovespa .BVSP added 1.4%.

Source: Reuters, reported by Gabriel Araujo and Roberto Samora and edited by David Alire Garcia and Diane Craft