Vale drops iron ore project, underlying earnings at $3.2B

Apr 25, 2013 | 08:55 AM | Michelle Madsen

Tags  Vale, iron ore, Guinea project, Simandou iron ore project, Zogota Mine, quarterly earnings results, BSGR, Beny Steinmetz Ana Paula Camargo

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 company’s 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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