[Iron Ore] Vale Reports Net Income of $ 1.675 Billion in 2Q 2015

SHANGHAI, Jul. 31 (SMM) - Vale S.A. (Vale) posted net income of US$ 1.675 billion in 2Q 2015 compared to a net loss of US$ 3.118 billion in 1Q15, according to its2Q performance report in an e-mail to SMM. 

The $ 4.793 billion improvement in net income was mostly driven by the effect on financial results of the end to end 3% appreciation of the BRL against the USD in 2Q 2015 vs. the end to end 21% depreciation of the BRL against the USD in 1Q 2015, the company explained.  

The 2Q 2015 was marked by a substantial reduction in cash costs, especially in iron ore, and by further progress in the implementation of our project portfolio, laying down the foundations of an even more competitive and profitable company in the near future, the company said in its financial report.  

During 2Q, Vale produced 85.3 million tonnes of iron ore, the highest output for a second quarter in Vale’s history, with Carajás production reaching 31.6 million tonnes, also a record for a second quarter. 

During the report period, nickel output reached 67,100 tonnes, 3% lower than in 1Q 2015 as a result of planned maintenance shutdowns in Indonesia and New Caledonia but 8.7% higher than in 2Q 2014. 

Copper output reached 104,900 tonnes in 2Q 2015, 2.1% lower than in 1Q 2015 and 29.5% higher than in 2Q 2014. Vale recorded the best production ever for a second quarter, supported by the ramp-up of Salobo. 

Gold output amounted to 100,000 oz in 2Q 2015, the best performance ever for a second quarter, but 2.6% lower than in 1Q 2015, as a result of the interruption of the Sudbury operations. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.