Brazilian mining company Vale has reported $2.83bn (14.11bn reais) as net income from continuing operations attributable to its shareholders in the third quarter of 2023, a 36% year-on-year slump from $4.45bn in Q3 2022.

Vale said its financial results were mainly impacted after foreign exchange gains seen the previous year did not materialise again in the latest quarter.

Net operating revenues rose by 7% to $10.62bn in Q3 2023 from $9.92bn in Q3 2022.

Proforma adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) from continuing operations for Q3 2023 stood at $4.48bn, as against $4bn in Q3 of the prior year.

Adjusted EBITDA margin was 39% in the July–September 2023 quarter, compared with 37% in the same period a year ago.

Capital expenditures stood at $1.46bn while net debt was $10bn as of 30 September 2023.

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Vale CEO Eduardo Bartolomeo said: “We continue to make significant progress on our strategic and business priorities. In Iron Solutions, we remain on track to meet guidance, with increased production year-to-date, enhanced average quality and a reduced production-to-sales gap in the quarter. In energy transition metals, we are progressing with an asset review to achieve operational excellence.

“In copper, the successful ramp-up of Salobo III contributes to a higher total output and lower unit costs. We will continue delivering on our strategy to turn Vale into a reference in creating and sharing value to all of our stakeholders.”

The company also unveiled plans to pay $2bn on 1 December 2023 to its shareholders in dividends and interest on capital.

Its board approved the share buyback programme for up to 150 million shares.

This share buyback programme is planned to take place over a period of 18 months.