Vale CEO: Coal Deal Soon
Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on Thursday during a conference call with investors without providing details. Vale, the world's largest iron ore producer, has previously said it is trying to sell a stake in its Moatize coal mine, rail and port project in Mozambique. Rio de Janeiro-based Vale, which reported a surprise $1.44 billion third-quarter loss earlier on Thursday also said high-cost iron ore producers are not closing mines as quickly as expected. Still, iron-ore chief Jose Carlos Martins said during the…
Vale Financials Disappoint; Iron Ore Prices, Currency Cited
Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency. Analysts said the results were disappointing and suggested Vale might find it harder than expected to fund expansion projects over the next two years and its dividend could be cut. The performance will be taken as an ominous sign by some as Vale competes with Australian rivals Rio Tinto and BHP Billiton to increase production and cut costs in the face of an iron ore price near five-year-lows. The world's largest producer of iron ore mined a record amount of the steel-making ingredient during the quarter, but Vale's slight rise in production was not enough to offset the plunge in price.
Vale Plans to Double Iron Ore Exports to China
Brazilian mining company Vale SA plans to double its iron ore exports to China within five years, Jose Carlos Martins, the company's head of ferrous metals, told reporters on Thursday. Rio de Janeiro-based Vale is the largest producer and exporter of iron ore, the main ingredient needed to make steel. Martins also said the company plans to export about 400 million tonnes of iron ore a year within five years, nearly 50 percent more than the 270 million tonnes it exported in 2013.
Growing Chance That China Will Accept Valemax Vessels
Reuters - Chances that China will accept Brazilian miner Vale's giant Valemax vessels are growing as bigger ships become increasingly common in world markets, Vale director of ferrous metals Jose Carlos Martins said in a news conference on Thursday.
