Vale Reports Q1 Production, iron ore, Aluminum, Alumina Hits Record
Tuesday, Apr 29, 2008
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Brazilian mining giant Vale reported its first quarter net profit at $2.021 billion or 41cents per share this year, representing an 8.8% drop from the year-earlier period of $2.217 billion, or 46 cents per share.
The company reported a 15% increase in iron ore and pellets’ shipments in the quarter with 22.781 million metric tons or 29.8% to China, its main client, Japan at 9.9%, Germany at 8.1%, Italy at 3.2% and Belgium and South Korea at 2.9% each.
Vale set record shipments in 136,000 metric tons of aluminum, 833,000 metric tons of alumina, 740 metric tons of cobalt and 86,000 ounces of platinum group metals.
66,000 metric tons of nickel was shipped during the quarter, down from 71,000 metric tons in the year-earlier period.
Copper incomes rose 39% in the quarter, though shipments dropped by 3,000 tonnes to 63,000 tonnes.
The company reported a total debt of $20.53 billion ended March 31, 2008 versus $19 billion in the quarter ended December 31, 2007, net debt in the quarter ended March 31 was $18.26 billion, while the cash position more than doubled from $1.05 billion at the end of 2007 to $2.26 billion ended March 31, 2008.
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