Brazilian iron ore miner Vale has reported a rise in earnings to $76m in the second quarter of 2018 compared with $16m last year with revenue rising 19% YoY to $8.62bn, thanks in part to record iron ore output together with high prices. The company reported almost a 22% increase in its realized iron ore prices for the quarter and maintained its optimistic outlook on iron ore prices for the remainder of the year. The company said it had achieved its target for net income per share by increasing production and improving margins. High Chinese demand helped realised iron ore prices grow 22% in Q2.
Brazilian iron ore miner Vale has reported a rise in earnings to $76m in the second quarter of 2018 compared with $16m last year with revenue rising 19% YoY to $8.62bn, thanks in part to record iron ore output together with high prices. The company said it had achieved its target for net income per share by increasing production and improving margins. High Chinese demand helped realised iron ore prices grow 22% in Q2.