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.
Vale SA Mining News
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.
A reworked sale process for plants located in the southeastern city of Cubatão was reportedly launched in recent days.
The company has loaded 26,500 tonnes of iron ore onto three ships at the company's port of Ponta de Madeira.
The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.
Instead, the company is moving forward with a new prefeasibility study for the Argentina-based asset.
The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.
Commercial production starts in January, with a ramp-up to 90 million tonnes per annum by 2020
BSGR will sue Rio Tinto in the English High Court to recover losses allegedly caused by Rio's actions, which run to several billions of dollars.
If prices for the commodities it mines continue to pick up, the firm must cancel plans to sell some of its best assets.
Launched three years ago with a $5.6bn war chest, the fund once hailed as leader of a new wave of mining investment changes course.
Prices for the steel-making ingredient are down by 9.8% over a month ago and most of the massive projects expected to come on stream this year are not producing at full steam yet.
The world's largest iron ore exporter will be able to haul S11D's output to the Port of Ponta da Madeira in Sao Luis.
Citi analysts believe the steel-making ingredient will average $51 a tonne in the final quarter of 2016 and fall to $45 next year.
Iron ore’s resilience in recent months has defied many analysts’ forecasts, as Beijing’s stimulus plans, restocking by Chinese steel mills and historically low port stockpiles have supported prices.
With this jump, the commodity's gains are close to 9% for the week and almost 40% so far this year.
It produced 86.82 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier.
Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.
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.
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.
It posted a fourth-quarter net loss of $8.57 billion, its fifth drop in the past six quarters.
The steelmaking raw material is back in a bull market.
President Mauricio Macri has revoked a 5% tax imposed by the previous administration on mining companies.