Brazilian mining company Vale has reported a 36 % drop in net profits in Q1 , which it blamed on economic losses and the falling price of iron ore . Net profit was $ 1.59bn compared with $ 250 in the same period the previous year , with currency fluctuations and low interest rates costing the company $ 185 m . Low iron ore prices hurt the bottom line as well , as prices fell to $ 66 per tonne from $ 75 per tonne last year . compass also moved forward with its strategy to reduce debt and focus on improving the return for investors by decreasing investments to $ 890 m over Q1 .
Brazilian mining company Vale has reported a 36% drop in net profits in Q1, which it blamed on currency losses and the falling price of iron ore. Net profit was $1.59bn compared with $2.49bn in the same period the previous year, with currency fluctuations and low interest rates costing the company $185m. Low iron ore prices hurt the bottom line as well, as prices fell to $66 per tonne from $75 per tonne last year. Vale also moved forward with its plan to reduce investment and focus on improving the return for investors by decreasing investments to $890m over Q1.