Brazilian miner Vale has announced its financial results for the second quarter this year, reporting a net profit of $1.67 billion, rising 17.3 percent year on year.
In the given period, the miner’s gross revenues amounted to $7.08 billion, down 29.7 percent year on year, but up 11.4 percent compared to the previous quarter, as a result of higher sales volumes and better price realizations in spite of lower iron ore and nickel reference prices.
Vale said that the ferrous minerals business segment accounted for 65.2 percent of the gross operating revenues in the second quarter, compared to 62.1 percent in the first quarter. The increase was mainly driven by the higher iron ore and pellet realized sales prices and volumes.