São Paulo – Brazilian mining company Vale posted a gain of BRL 6.5 billion (USD 1.6 billion) in Q3 2019, reversing its loss for the last three months. At 13.71%, the result was also at a high level compared with the same period of the previous year, according to the company’s statement released this Friday (25).
In Q2 2018, Vale had a loss of BRL 384 million (USD 95 billion), which reflected the impact of the tragedy of the Vale Dam in Brumadinho, Minas Gerais. By the end of June, the mining company had already paid out BRL 2.2 billion (USD 545,5 million) as compensation for material and moral damage.
In Q3, the company’s revenue was BRL 40 billion (USD 10 billion), up 13% from the previous quarter and 7.4% year-on-year. Vale produced 86.7 million tons of iron ore from April through June, up 35.4% from the previous quarter but down 17.4% from a year ago.
Translated by Guilherme Miranda
