Brazil Vale posts $3.3bn in Q2 earnings despite slow economy

07 August 2013 23:08  [Source: ICIS news]

HOUSTON (ICIS)--Vale had underlying earnings of $3.3bn (€2.5bn) in the second quarter of 2013 despite slow global economic growth and declining prices for minerals and metals, the Brazilian miner announced on Wednesday.

Underlying earnings were up about $200m from Q1’s total of $3.1bn.

Operating revenues were $11.3bn, little changed from Q1’s $11.2bn.

During the quarter, Vale sold a phosphate exploration site to Eagle Star Minerals and a nitrogen plant to Petrobras. The mining company also signed a five-year deal with an Indian cooperative to supply the group with rock phosphate.

Vale also reached an agreement with the government of Argentina to abandon the suspended Rio Colorado potash mine project in the western province of Mendoza. 

($1 = €0.75)

By: Jeremy Pafford
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