Net profit declines at Vale in 2023

Friday, 23 February 2024 20:31:59 (GMT+3)   |   Sao Paulo

Brazilian miner Vale posted a net profit of $8.105 billion for 2023, against $18.870 billion for 2022.

Under the same comparative basis, net sales revenues declined by 4.7 percent to $41.78 billion, the gross profit declined by 10.7 percent to $17.69 billion and the operational profit declined by 17.5 percent to $14.21 billion.

The company said the reduced performance reflects chiefly lower average sales prices and the impact of exchange rate variations.

The iron ore fines production cost, excluding acquisitions from third parties, has reached $22.3/mt, remaining under the guidance of the company for the year, $22.5/mt.

The production of iron ore fines in 2023 has reached 321.2 million mt, 4.3 percent higher than in 2022, while the production of pellets increased by 13.5 percent to 36.5 million mt.

The average FOB price of the iron ore fines in 2023 was $108.1/mt, stable from 2022, while the average price of the pellets declined by 14.2 percent to $161.9/mt.

According to Vale CEO Eduardo Bartolomeo, the results of the company reflect focus on safety and operational excellence, with advances in the process of energy transition, as shown by the inauguration of the first briquette production plant and an association with Anglo American in the Minas-Rio project.

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