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.
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.