- Write by:
-
Saturday, October 28, 2023 - 23:03:13
-
256 Visit
-
Print
Mining News Pro - The chief executive of Brazilian miner Vale painted a brighter picture about the company’s future on Friday, saying he has “never been so optimistic” about it as he is right now.
Speaking in an earnings call with analysts, Eduardo Bartolomeo highlighted the value the company has been managing to extract from its base metals unit after carving it out.
Vale on Thursday reported a third quarter net profit decline but still landed above market forecasts.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) 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 $105.10 per metric ton, up from the $92.60 per ton in the year-earlier 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.
Earlier on Thursday, the miner said it will pay out about $2 billion to its shareholders, in addition to launching a new share buyback program.
Shares of the mining giant were up more than 3% in midday trading.
Short Link:
https://www.miningnews.ir/En/News/627590
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
Shares of MAG Silver rose on Thursday following the release of a new mineral resource estimate for the Juanicipio ...
Brazilian miner Vale said in a filing on Wednesday it had signed a contract to buy a 45% stake in Alianca Energia from ...
Recent tests of an AI system showed that it can detect how poorly regulated road development for mining, logging and ...
US Treasury Secretary Janet Yellen on Friday lavished praise on Chile during a visit aimed at strengthening ties with an ...
Brazil’s president, Luiz Inacio Lula da Silva, said in an interview on a local TV station on Tuesday that he would not ...
Brazilian miner Vale does not see signs of environmental or social breach at two of its mines whose operating licenses ...
Mining giant Vale is looking at expanding the use of industrial batteries to power ports and mining sites, said the ...
Hecla Mining, the largest silver producer in the United States, is looking to expand into Mexico, Peru and two other ...
No comments have been posted yet ...