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Vale Earnings Trail Analyst Estimates on Higher Expenses

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Vale SA,Iron Ore

(Bloomberg) -- Vale SA, the world’s second-biggest iron ore supplier, posted second-quarter results that slightly trailed analyst estimates after facing...

-- Vale SA, the world’s second-biggest iron ore supplier, posted second-quarter results that slightly trailed analyst estimates after facing higher expenses.The Rio de Janeiro-based company is struggling with rising costs at a time when the iron-ore market has also been weak, partly because of a demand slump in China. Vale said Thursday that higher expenses from freight and maintenance activities weighed on its earnings.The company reported proforma adjusted earnings before items of $3.

Brazil’s mining giant sold a larger share of lower-grade products in the quarter, which also tempered gains driven by robust output from its biggest mine in the north of the country. Vale said earlier this month it mined 80.6 million tons of iron ore in the quarter, 2.4% higher than the same period a year ago.

Vale shares were little changed in after-hours trading on Thursday. The stock trades at a discount compared with other major miners due to company-specific issues. Vale is still dealing with the fallout of a 2015 tailings dam disaster on Samarco, an iron ore venture with BHP Group. The company expected to reach a final settlement last month, but negotiations with Brazilian authorities are still ongoing.

U.S. Figure Skating CEO Tracy Marek announced that the 2022 Olympians in the team figure skating event will receive their gold medals at the Paris Olympics

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