30
Oct
00:00
Vale posts net loss in Q3 13 despite record iron ore production
In spite of setting records for iron ore output, Brazilian miner Vale made a net loss in its third financial quarter of 2014. This was due primarily to difficulties with exchange rate, the company says but revenue decrease, inventory accumulation and increased iron ore cash costs also contributed, Kallanish observes.
Net loss was $1.437 billion against a net income of $1.428bn in the previous quarter. This was mainly driven by the non-cash impact of foreign …
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