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Mining giant Vale's profits fall nearly 60 percent
This was expected due to lower shipments of iron ore, the newspaper Valor Economico reported.
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Workers make iron bars in a steel factory in Lianyungang, in China's eastern Jiangsu province on February 12, 2021, the first day of the Lunar New Year. (AFP/-)
B
razilian mining giant Vale said Wednesday its first quarter earnings fell 59 percent compared to the same period a year ago, to $1.837 billion.
This was expected due to lower shipments of iron ore, the newspaper Valor Economico reported.
The earnings report was released after the stock market closed.
Vale said the lower profits stemmed from lower prices for mining products and higher costs.
Earnings were down 50.6 percent compared to the last quarter of 2022.
Revenue for the first quarter came in at $8.434 billion, down 22 percent from the same period of 2022.
Before the earnings report came out shares in Vale were up 0.39 percent in the Sao Paulo stock exchange.
In 2019 Vale suffered a tragedy when the wall of a mining waste water reservoir it ran collapsed in the town of Brumadinho, in southeast Minas Gerais state, releasing a flood of toxic sludge that killed 270 people.
This also caused a major environmental disaster.
The company was found liable in court and ordered to pay millions in damages that are still affecting its bottom line.
