Vale reduces 2020 iron ore output forecast

The world's No.1 iron-ore producer recorded a net profit of $3.98 billion in 2016, a significant recovery from a loss of $12.13 billion it reported a year earlier.

The world's No.1 heavy machinery maker is telling miners not to rest on their laurels now that the industry is finally coming back up from a brutal downturn and keep focused on maximizing returns and efficiency.

The world's fourth largest miner of the steelmaking ingredient said it also benefitted from declining costs.

The world's number five diversified miner posted its first annual net profit in five years.

Up 7% year on year across all regions, supporting rally in iron ore and rebound in coking coal prices.

Net profit was $3.2bn for the six months to December 31, compared with a loss of $5.7bn in the same period a year earlier.

Despite new survey showing consensus for a steep correction this year.

Report by the Mining Association of Canada (MAC) says the country is not in a good position to benefit from the increasing number of companies ready to make new and significant investments.

The world’s No.1 iron ore miner produced 349 million tonnes of the steelmaking ingredient in 2016, helped partly by the opening of its massive S11D mine.