Vale records massive fourth quarter loss

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Brazilian mining heavyweight Vale has recorded a net loss in the fourth quarter, which the company attributed to plummeting iron ore prices, weak local currency and massive impairment charges.

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As reported by The Daily Telegraph, the world’s biggest iron-ore producer recorded a fourth-quarter loss of $A2.35 billion, which compared favourably to the $6.45 billion loss in the last three months of 2013.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) slumped by two-thirds to $US 2.19 billion compared to the fourth quarter from the previous year.

The company’s sales tumbled by 31% in 2014 to $US9.07 billion.

Vale is a multinational diversified metals and mining corporation headquartered in Rio de Janeiro, Brazil. It is the third-largest mining company in the world, and ranks as number one producer of iron ore and pellets, and second-largest producer of nickel.

Founded in Itabira, Minas Gerais, on 1 June 1942, Vale employs about 85,000 people worldwide, with operations and offices in various countries around the world, including: Colombia, Australia, Argentina, Indonesia, South Africa, United Kingdom, Mozambique, South Korea, Japan and others.