Vale drops iron ore project, underlying earnings at $3.2B
Apr 25, 2013 | 08:55 AM
| Michelle Madsen
LONDON Vale SA has dropped its multibillion-dollar Simandou iron ore project in Guinea from its project list as its underlying first-quarter earnings fell 10.1 percent year on year to $3.19 billion despite lower costs and expenses.
In the first quarter of 2012, the companys underlying earnings totaled $3.56 billion. However, the latest quarterly tally was up 63.9 percent from $1.95 billion in the fourth quarter, the Brazilian miner said in its quarterly results, released late April 24.....
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