Vale back in the black on higher iron ore prices, currency
Vale’s results for the first three months of 2016 makes it the best-performing major iron-ore miner so far this year.
Vale’s results for the first three months of 2016 makes it the best-performing major iron-ore miner so far this year.
The miner has scaled down the project and it now aim to produce 1.3 million tons of potash a year, down from the 4 million tons originally planned.
Vale says 2016 output will come in at the lower end of expectations, potentially pushing the Brazilian giant to number two in global iron ore rankings.
The iron ore and nickel giant has reduced its forecast for capital spending in 2016 to $5.5bn from $6.2bn previously.
Company denied reports claiming that partner Mitsui was revising the terms of their association.
Energetic CEO whose decade-long tenure took Brazil’s Vale to world leadership in iron ore.
They have already taken the first steps towards resuming activity, applying for permission to use old mining pits to store tailings.
Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.
Iron ore giants reach deal with Brazilian government to pay $6.2 billion over several years for clean up after November's deadly tailings dam spill.
It posted a fourth-quarter net loss of $8.57 billion, its fifth drop in the past six quarters.