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Vale reported on Wednesday that its net income in the third quarter nearly doubled as the company increased production and iron ore inventories in Brazilian mining following a deadly dam disaster in January 2019.
The mining company Vale announced on Wednesday that its net income in the third quarter doubled initially, with the company increasing production and iron ore inventories in its mining operations following a deadly dam disaster in January 2019.
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Iron Ore Sales Increased 20%
Results were boosted by a 26% increase in prices realized for iron ore and 20% higher iron ore sales volumes in the quarter, Vale said.
The world’s second-largest producer of the main steelmaking ingredient reported a 31% recovery in iron ore production compared to the second quarter of Vale’s mining operations earlier this month.
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It achieved its best result in two years – 88.7 million tons – when several mines that had been halted following the Brumadinho dam collapse increased production or resumed operations.
Vale reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $6.1 billion, up from $4.6 billion in the same period last year in its mining business.
Vale Sees Profit Rise 192% to US$ 2.9 Billion in Third Quarter
Vale reported a profit of US$ 2.908 billion in the third quarter of 2020, the company announced on Wednesday (28), a 192% increase over the profit of US$ 995 million in the second quarter and 76% over the US$ 1.654 billion in the same period last year.
The expectation was for a profit of US$ 3.656 billion, according to the median estimate of analysts compiled by Refinitiv. According to the mining company, the better result was mainly due to higher EBITDA in the quarter and improvements in the result from equity stakes, as the second quarter was heavily impacted by future expense provisions related to Samarco and the Renova Foundation.
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