Thursday, October 28,
Brazilian mining giant Vale on Wednesday said third-quarter profits rose more than 250 percent from the year earlier to their highest level ever as the company benefited from rising iron prices and higher output.
Vale, the world’s largest iron ore miner, reported a record net income of 10.55 billion reais ($6.13 billion reais) that beat analysts estimates as demand for iron remains strong among emerging market nations such as China.
The soaring profits may spur Brazilian politicians to seek higher mining royalties following similar efforts in countries such as Australia and Chile where governments are seeking a greater share of mineral wealth.
Source: Reuters
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