Vale Mining Resumes Dividends 18 Months After Deadly Disaster in Brumadinho – Second Quarter Profit Rises

Written by Valdemar Medeiros

Published on 30/07/2020 at 17:45

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Vale’s Second Quarter Profit Rises to R$ 955 Million Amid Iron Ore Price Boom

The Brazilian mining giant Vale announced on Wednesday (29) that it will resume dividend payments to shareholders. These had been suspended since a dam in Brumadinho – MG burst in January 2019, when it reported that second-quarter profit surged amid rising iron ore prices. Announcing the resumption in a securities deposit, mining company Vale said the decision came after a reduction in business uncertainties related to the new coronavirus pandemic. “The worst is probably behind us,” the miner stated in a report.

Vale’s Shares Closed Up 4.3%, Reaching Historic High of 62.95 Reais

Announced in a separate statement, Vale’s net profit in the second quarter was US $ 995 million. This is more than four times the US $ 239 million from the previous quarter, bolstered by higher iron ore prices and a depreciation of the Brazilian real.

Furthermore, the miner recorded losses of US $ 133 million in the second quarter of 2019 after closing mines due to safety concerns following the dam collapse in Brumadinho. Vale’s result fell short of Refinitiv’s estimate of US $ 1.51 billion. Consequently, the company stated it is recognizing a liability of US $ 500 million related to the sale of its mine in the Pacific island of New Caledonia.

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Vale Mining Resumes Dividends 18 Months After Deadly Disaster in Brumadinho – Second Quarter Profit Rises

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