29 July 2011 17:26 [Source: ICIS news]
HOUSTON (ICIS)--Brazilian mining major and fertilizer producer Vale reported on Friday net earnings of $6.45bn (€4.52bn) for the second quarter of 2011, a record for the period.
The quarter's net earnings were 74.1% higher than the second quarter of 2010.
The net earnings resulted from record net sales of bulk materials of $11.68bn, a 23% increase from the first quarter of 2011, Vale said.
Bulk materials sold by Vale include iron ore, pellets, manganese, ferroalloys and metallurgical and thermal coal.
The strong cash generation allows Vale to deal successfully with satisfying the demand for investment opportunities, a sound balance sheet and the return of excess cash to investors, the company said.
Vale is investing in fertilizers to supply Brazilian agriculture and become a leader in the global fertilizer market, the company said.
Vale has been developing projects and acquiring fertilizer assets with the aim of producing 10.7m tonnes/year of potash and 19.2m tonnes/year of phosphate rock by 2017, according to the company's website.
($1 = €0.70)
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