Base Metals
Vale profit slips in Q4 2022 on iron ore price rout
Net operating revenues stood at $11.94bn while adjusted EBITDA from continued operations was $4.62bn.
The post Vale profit slips in Q4 2022 on iron ore…
Brazilian mining firm Vale has posted a 30.4% slump in its Q4 2022 net profit, as a result of reduced production and iron ore prices.
The miner’s net income from continuing operations in the three-month-period ending 31 December 2022 was $3.72bn, versus $5.35bn in the same period a year ago.
A $658m financial loss due to foreign exchange fluctuation and other factors dampened the quarterly performance, as against the gain of $3.16bn in the prior year.
Net operating revenues declined to $11.94bn from $13.1bn over this period.
Iron ore output fell 1% to 80.9 million metric tonnes while iron ore sales by volume dipped 0.7% year-on-year to 81.2 million tonnes.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) from continued operations stood at $4.62bn, compared with $4.72bn a year earlier.
Its expanded net debt increased to $14.1bn from $9.08bn. In the October-December 2022 quarter, the firm’s capital expenditures were nearly $1.8bn.
Vale CEO Eduardo Bartolomeo said: “In 2022, we made significant progress on our strategic priorities. In safety, we are proud to have eliminated 40% of our upstream structures and removed the B3/B4 dam from the high-risk level.
“In Iron Solutions, we advanced on our path to becoming the supplier of choice for high-quality products, leveraging Vale’s unique mineral endowment and capitalising on the decarbonisation trend of the steel industry.
“On operations, we took concrete actions to deliver on our long-term growth guidance by advancing on the critical milestones we had laid out for the year.”
The post Vale profit slips in Q4 2022 on iron ore price rout appeared first on Mining Technology.
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