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Brazilian miner Vale SA reported on Thursday a 36% year-on-year decline in third-quarter net profit, landing above analyst estimates.
Vale, one of the world’s largest iron ore miners, reported profit of $2.84 billion, while analysts polled by LSEG expected $2.55 billion. Adjusted earnings before interest, taxes, depreciation and amortization came in at $4.18 billion, below analysts’ estimates of $4.72 billion. Revenue came in at $10.62 billion, missing analysts’ expectations of $10.98 billion.
Over the quarter, the miner said its iron ore prices had averaged $105.1 per metric ton, up from the $92.6 per ton in the year-ago quarter. Last week, Vale said its iron ore output had dropped nearly 4% in the quarter due to a production snag at a key mine.Chile’s Codelco, the world’s largest copper producer, on Thursday posted a 65% drop in its pre-tax profit for the first nine months Panama’s top court considers lawsuit over First Quantum dealAccording to S&P Global, the highest capital budget spend in financial year 2023 is expected to come from BHP.
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