[Ed. Note: More evidence of just how bad it is for the mining sector. As we have pointed out for most of this year, miners can not continue to produce at a loss.]
Despite nearly $1.6 billion in cost cutting since the beginning of the year, low metals prices took a huge bite out of Vale’s revenues in second-quarter.
by Dorothy Kosich, MineWeb.com
Brazilian mega-miner Vale reported second-quarter net earnings of $424 million or 8-cents per share Wednesday, down substantially from net earnings of $2.64 billion or 52-cents per share for the same period of last year.
Adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, dropped to $4.96 billion from $5.5 billion a year ago.
In documents filed with the SEC, Vale reported net income of $3.53 billion or 69-cents per down for the first half of this year, down substantially from the net income of $6.43 billion or $1.26 per share reported during the first half of last year.
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