Vale Reports Profit Dip and Partners with Anglo American

This decline was notably influenced by a $1.2 billion provision related to the Samarco dam failure and potential global settlements with Brazilian authorities.

For the full year of 2023, Vale’s net profit plummeted by 58% to $8 billion from 2022.

Despite challenges, Vale saw a 37% rise in Q4 adjusted EBITDA to $6.3 billion, boosted by operational improvements and iron ore prices.

Overall, 2023 saw Vale’s adjusted EBITDA reach $19 billion, a 9% year-over-year decrease, primarily due to lower average prices for iron ore, copper, and nickel.

RT

Ask Rio Times

Latin American markets, currencies and companies.

Ask

Open the full Ask Rio Times →

RTAsk Rio TimesMarkets, currencies and the economy›

Mining giant’s quarterly net revenue rises 9.3% to $13B, totaling $41.7B annually, down 4.7% from previous year.

In Q4, Vale allocated $1.2 billion for the Samarco dam burst, aiming for a comprehensive agreement with Brazilian authorities.

Iron ore’s average sale price per ton reached $128.30, showing a 30% year-over-year increase.

The company’s leverage, measured by net debt over adjusted EBITDA, rose to 0.5 times in Q4, up 25% from 2022.

Furthermore, Vale announced a dividend payment of $2.4 billion in March 2024, equivalent to R$2.73 per share.

Bartolomeo mentions Vale’s partnership with Anglo American, where Vale acquired a 15% stake in Minas-Rio for $157.5 million.

This strategic collaboration highlights Vale’s ongoing efforts to expand and strengthen its global mining sector position.

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error