RIO DE JANEIRO (Dow Jones) – Brazilian mining group Vale SA in the first quarter benefited from increasing demand for iron ore and higher prices for the raw material. The net profit increased by 18% to USD 1.6 billion as at Vale of the quarterly figures late on Wednesday evening (local time) told. (Photo: Vale)
Turnover grew by 26% to 5.42 billion USD. Enhanced operations on the spot market have contributed to the increase in profits.
China had received the largest purchasers Vale-42% of iron ore supplies. But the volume of shipments to China had fallen to 27.6 million from 34.6 million tonnes a year earlier. Overall, the iron ore sales in the first quarter was, however, increased, to 65.6 million from 52.1 million tons The production has increased for the year as 43% to 69.1 million tonnes.
DJG / DJN / sru / mrf