SÃO PAULO Vale SAs ferroalloys revenues
fell by 35.7 percent year on year in 2012 after the Brazilian
miner sold its European operations to miner Glencore
International Plc in the middle of last year.
Ferroalloys revenues totaled $358 million in 2012, down from
$557 million in 2011, while volumes sold decreased 30.8 percent
year on year to 267,000 tonnes.
The significant yearly decrease in sales volume and
revenues for ferroalloys is due to the sale of our manganese
ferroalloys operations in Europe, the company said.
Glencore acquired 100 percent of Vale Manganèse France,
located in Dunkirk, and 100 percent of Vale Manganese Norway,
located in Mo i Rana, for $160 million in cash. The operations
have the capacity to produce 150,000 tonnes and 110,000 tonnes
of manganese ferroalloys per year, respectively.
Lower ferroalloy prices also affected the companys
results. Ferroalloy average prices stood at $1,340.82 per tonne
in 2012 from $1,443.01 tonne the year before.
Fourth-quarter manganese ore revenues reached $72 million, a
quarter-over-quarter increase of 26.3 percent, mostly on the
back of higher prices and sales volumes spurred by greater
demand from China, Vale said.
Manganese ore prices in 2012 fell to an average of $134.10 per
tonne, compared with $165.70 per tonne in 2011.
A version of this article
was first published by AMM sister publication Metal