Brazilian miner Vale posted a net profit of $892 million for Q2 2023, against $1.84 billion for the previous quarter.
Under the same comparative basis, net sales revenues increased by 14.7 percent to $9.67 billion, production costs increased by 18.7 percent to $6.41 billion and the EBITDA increased by 8.3 percent to $3.87 billion.
By volume, sales of iron ore fines increased by 38.1 percent to 63.3 million mt, sales of ROM (Run of Mine) ore increased by 34.2 percent to 2.23 million mt, and sales of pellets increased by 8.3 percent to 8.81 million mt.
The average realized prices of the ferrous product were $98.5/mt (10.3 percent decline) for fines and $160/mt (1.3 percent decline) for pellets.
According to the company, the sharp decline of the net profit reflects chiefly lower iron ore and nickel prices, negative financial results and higher taxes on profits.
During Q2 2023, Vale’s iron ore and pellets sales were equivalent to 80 percent of total sales revenues.