Vale, one of the world’s largest iron ore miners, posted on Thursday a net profit that landed above analysts’ estimates, while also cutting its yearly cost projections for copper and nickel.
Rio de Janeiro-headquartered Vale posted a $2.69 billion net profit for the July-September period, up 11% year-over-year and above the $2.1 billion expected by analysts polled by LSEG.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $4.4 billion in the period, a 21% increase, also beating estimates of $4.1 billion.
Vale released its sales and output data last week, with iron ore production reaching the highest since the fourth quarter of 2018 at 94.4 million metric tons.
Its net revenue rose 9% in the quarter from a year earlier to $10.4 billion. Analysts had projected a $10.3 billion revenue.
Vale also cut its estimate for all-in copper costs this year to between $1,000 and $1,500 per ton. The previous projection was between $1,500 and $2,000 per ton.
The company also projected its all-in nickel costs between $13,000 and $14,000 per ton, from a previous range of $14,000-$15,500 per ton.
(By Andre Romani and Roberto Samora; Editing by Brendan O’Boyle)
