1 Min Read
SAO PAULO (Reuters) -Brazilian miner Vale, one of the world’s largest producers of iron ore, reported on Wednesday its first-quarter net profit fell 19.6% to a stronger than expected $4.45 billion.
Vale earnings for the three months ended March 31 beat the mean Refinitiv analyst forecast of $4.24 billion.
Adjusted earnings before interest, taxes, depreciation, and amortization came in at $6.37 billion, down 26.1% from the same quarter of 2021.
Vale cited lower sales of iron ore fines and pellets due to an intense rain season in top mining state Minas Gerais.
In January, the miner was hit by heavy rainfall in the region, making it partially suspend operations at its southeastern and southern iron ore systems.
“However, we took advantage of seasonally lower volumes to perform maintenance activities that will lead to safer operations and solid production going forward,” said Vale’s Chief Executive Eduardo Bartolomeo in a note.
Reporting by Peter Frontini; Editing by Leslie Adler and Chris Reese
