Vale Mining Doubles Net Profit With Recovery of Iron Ore Production in Brazilian Mining

Written by Valdemar Medeiros

Published on 29/10/2020 at 17:27

Minério de ferro da Vale

Seja o primeiro a reagir!

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.

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.

ARTICLE CONTINUES BELOW

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.

Vale Mining Doubles Net Profit With Recovery of Iron Ore Production in Brazilian Mining

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.

Also Read

Iron Ore Sales Increased 20%

Vale Sees Profit Rise 192% to US$ 2.9 Billion in Third Quarter

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Scientists were searching for human DNA in a 700-year-old mummy in the Andes but found something unexpected that could change what is known about the origins of respiratory diseases in pre-Columbian America.

China launched a campaign to discredit the new sixth-generation fighter jet from the U.S., and among the arguments is the price of $300 million per unit and America’s dependence on minerals controlled by Beijing.

Elon Musk’s technology arrives in Brazil, and a snack seller goes viral for using Starlink internet with satellites 550 km from Earth connected to her motorcycle.

Goodbye unbearable heat: roof with sandwich technology and cross ventilation can reduce indoor temperatures by up to 8°C and is starting to replace expensive air conditioning solutions.

China will make Brazil a world power in transportation with an 870-meter underwater tunnel under the largest port in Latin America, a $1.2 billion investment, unprecedented technology, and completion expected by 2031.

Vale Mining Doubles Net Profit With Recovery of Iron Ore Production in Brazilian Mining

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.

Also Read

Iron Ore Sales Increased 20%

Vale Sees Profit Rise 192% to US$ 2.9 Billion in Third Quarter

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Goodbye unbearable heat: roof with sandwich technology and cross ventilation can reduce indoor temperatures by up to 8°C and is starting to replace expensive air conditioning solutions.

Road at 4,173 meters in Pakistan only opens 4 months a year.

The reign of carpets in the entrance hall has come to an end: aluminum mats emerge as a new trend that hardly gets dirty, lasts longer, and improves the hygiene of spaces.

Monterrey is erecting a 484-meter tower that will dethrone all the skyscrapers in Latin America — it has already surpassed the 52nd floor and there are 170 meters left to the top…

Scientists were searching for human DNA in a 700-year-old mummy in the Andes but found something unexpected that could change what is known about the origins of respiratory diseases in pre-Columbian America.

China launched a campaign to discredit the new sixth-generation fighter jet from the U.S., and among the arguments is the price of $300 million per unit and America’s dependence on minerals controlled by Beijing.

Elon Musk’s technology arrives in Brazil, and a snack seller goes viral for using Starlink internet with satellites 550 km from Earth connected to her motorcycle.

Goodbye unbearable heat: roof with sandwich technology and cross ventilation can reduce indoor temperatures by up to 8°C and is starting to replace expensive air conditioning solutions.

China will make Brazil a world power in transportation with an 870-meter underwater tunnel under the largest port in Latin America, a $1.2 billion investment, unprecedented technology, and completion expected by 2031.