Vale’s coal business loses US$102 million in 2Q15
Published by Jonathan Rowland,
Editor
World Coal,
Vale’s coal business made a loss of US$102 million in 2Q15, an improvement on the US$128 million loss in the previous quarter, the company said in its latest earnings report.
Lower costs, which hit the company to the tune of US$18 million, were offset by improved FOB costs at its Mozambique operations and good operational performance at Carborough Downs in Australia.
CAPEX on the company’s Moatize II project in Mozambique was US$172 million, bringing the project to 93% physical progress. Spending on the Nacala Logistics Corridor totaled US$206 million and brought the project to 89% completion.
Overall, quarterly earnings were US$2.12 billion – 38% higher that the previous quarter – as a result of lower costs and higher sales volumes in most business sectors. Net income was US$1.68 billion compared to a loss of US$3.12 in 1Q15.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/30072015/vale-coal-business-loses-102-million-dollar-loss-in-2q15-2658/
You might also like
A coal comeback may be taking place in the US
Matt Mackowiak, Director of Government Affairs at Core Natural Resources, comments on the recent signing of four executive orders by US President Donald Trump that will help propel the use of coal.