Brazilian miner Vale posted a net profit of BRL 8.29 billion ($1.6 billion) for Q1 2024, 12.9 percent less on yearly basis.
Under the same comparative basis, net sales revenues declined by 4.4 percent to BRL 41.9 billion, and the EBITDA declined by 11.8 percent to BRL 17.0 billion.
The reduced financial performance reflects lower sales prices for iron ore, nickel and copper, and the negative impact of exchange rate variations. The sales of iron ore fines increased by 14.6 percent to 52.55 million mt, while sales of pellets increased by 13.4 percent to 9.22 million mt.
The iron ore fines production cost, excluding acquisitions from third parties, reached $23.5/mt, declining by 1 percent on a yearly basis.