Vale Reports Increased Q3 Profit

31 October 2010 (Last Updated October 31st, 2010 18:30)

Brazilian mining company Vale has reported net earnings of $6bn in Q3 2010, a 260% increase from the $1.68bn recorded during the corresponding period of 2009. Vale said its revenue for the quarter was $14.5bn, up 110% from the $6.9bn reported in the same quarter a year ago. Sa

Brazilian mining company Vale has reported net earnings of $6bn in Q3 2010, a 260% increase from the $1.68bn recorded during the corresponding period of 2009.

Vale said its revenue for the quarter was $14.5bn, up 110% from the $6.9bn reported in the same quarter a year ago.

Sales of bulk materials, including iron ore, pellets, manganese ore, ferroalloys and coal, accounted for 78% of Vale's revenues in the quarter, similar to the 76% reportedin Q2.

Base metals accounted for 13% of revenues, compared to 18% in the previous quarter.

Sales to Asia grew to 56% of total quarterly revenues, up from 48% of the total in the previous quarter.

Vale added that it had invested $14bn in the first nine months of 2010 in a move to meet the long-term demands of the minerals market.