Vale profits fall 21% after bending to Chinese steelmakers
Vale is the world's largest producer of iron ore and a top nickel miner, reported a quarterly net profit of $4.67 billion, compared to $5.9 billion in the same quarter last year.
Vale is the world's largest producer of iron ore and a top nickel miner, reported a quarterly net profit of $4.67 billion, compared to $5.9 billion in the same quarter last year.
Brazillian miner Vale SA said Tuesday it is gradually resuming mining at its underground nickel operations in Sudbury, Canada.
Brazilian mining giant Vale SA (VALE, VALE5.BR) on Thursday said its board of directors has approved a deal to lease for another 30 years a potash mine in northeastern Brazil, from Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR).
Vale said the return to work process has begun at the company's five Sudbury area mines following a temporary suspension stemming from three fatalities at those operations.
AQUILA Resources has formally approved the Eagle Downs coal project it has been fighting over in court with joint venture partner Vale.
After a recent mining fataility at Vale's Coleman Mine in Sudbury, the Brazillian miner is temporarily shutting down all eight mines in the region while it assesses safety procedures.
Brazilian mining giant Vale has promised to solve within six months all the problems faced by households resettled from the area where Vale is now mining coal in Moatize district, in the western Mozambican province of Tete. A total of 717 households were resettled at Cateme, about 35 kilometres from Moatize town. Many of these families have protested that the houses they were given are shoddily built. Cracks have appeared in the walls and the roofs are leaking.
Vale SA is diverting iron ore shipments to the Philippines as a way of shipping its product to China, as the Asian economic powerhouse continues to resist super-sized vessels destined for Chinese ports.
Brazilian miner Vale SA is granted an operation license to mine a high grade iron ore pit at Carajas in north Brazil.