Brazil's Vale Posts $4.8-bn Profit In 2020
Fahad Shabbir (@FahadShabbir) Published February 26, 2021 | 09:14 PM
Brazilian mining company Vale posted a net profit of $4.8 billion last year, though its bottom line continued to take a hit from the fallout of a 2019 dam collapse that killed 270 people
Rio de Janeiro, (APP - UrduPoint / Pakistan Point News - 26th Feb, 2021 ) :Brazilian mining company Vale posted a net profit of $4.8 billion last year, though its bottom line continued to take a hit from the fallout of a 2019 dam collapse that killed 270 people.
Vale's net profit for the fourth quarter, published late Thursday, came in at $739 million -- down from $2.9 billion the quarter before, but up from a loss of $1.56 billion in the fourth quarter of 2019.
The 2019 collapse of a Vale mining waste dam in the town of Brumadinho in southeastern Brazil unleashed a deadly flood of toxic sludge and caused the company a net loss of $1.68 billion that year.
Vale is still paying the price: earlier this month, it announced it had agreed to pay $7 billion in damages to compensate victims and clean up the environment.
The company said its expenses related to the disaster were $4.
85 billion for the fourth quarter of 2020.
But Vale, one of the world's biggest iron-ore miners, said it got a boost from the recovery of international prices, fueled largely by demand from China.
"In the second half of 2020, prices strongly increased following global economy recoveries from (the) Covid-19 pandemic," it said in a statement.
Vale also faces another front of controversy on the French Pacific island of New Caledonia, where pro-independence activists have launched violent protests to prevent the company from selling a nickel plant it operates to a French-backed consortium.
The unrest has forced Vale to halt operations there since December 10.
The firm said it was optimistic the sale would go through, but would "initiate the process to cocoon the asset into care and maintenance" if not.
Related Topics
Recent Stories
At least 10 people killed in Brazil fire: officials
Shahzaib Rind calls on Deputy Speaker Balochistan
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-le ..
DC Tharparkar inaugurates anti-polio campaign
HDA Mehran workers demand salaries
Taxila police nab motorcycle lifter gang
Inter-university weightlifting championship kicks off at SAU
Walk held in a series of enrollment campaigns
Team from Gaza mediator Egypt arrives in Israel for truce talks
Kids murders: IHC orders psychiatric examination of mother
Health minister credits PML-N for advancements in organ transplantation
Court grants interim bail to Azam Swati in cyber crime case
More Stories From World
-
At least 10 people killed in Brazil fire: officials
9 minutes ago -
Team from Gaza mediator Egypt arrives in Israel for truce talks
13 minutes ago -
Kenya flood death toll since March climbs to 70
12 minutes ago -
Two Kyiv hospitals evacuating over feared Russian strikes
8 minutes ago -
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
1 hour ago -
Romania court opens way for start of influencer Tate's trial
2 hours ago
-
Kenya flood death toll since March climbs to 70
2 hours ago -
At least 10 people killed in Brazil fire: officials
2 hours ago -
Russia targets Ukraine railways as Western aid due to arrive
2 hours ago -
Miner Anglo American rejects BHP's near $39-billion takeover bid
2 hours ago -
At least 10 people killed in Brazil fire: officials
2 hours ago -
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
2 hours ago