São Paulo – The Brazilian mining company Vale posted a net loss of BRL 33.1 billion in quarter four, 2015, mostly as a consequence of low commodity prices. Losses denominated in US dollars stood at USD 8.5 billion, as per results released by the company this Thursday (25).
In the whole of 2015, losses amounted to BRL 44.2 billion, or USD 12.1 billion. In 2014, the company had posted a net income of BRL 954 million, or USD 657 million. The reasons cited by the company include smaller cash flow margins, write-offs and the effects of the real’s depreciation relative to the dollar.
Despite the result, the company surpassed its iron ore production target in 2015 by 345.9 million tons, an all-time high. In 2015, iron ore prices plummeted 43% over 2014 to USD 55.5 a ton by the end of the year.
*Translated by Gabriel Pomerancblum
