Hoocooanode? Vale was out with its third quarter earnings report yesterday and it shocked with a $US1.44 billion loss versus the $US1 billion plus expected.
The culprit was a nearly $US3 billion loss on FX derivatives as the Brazilian real tanked. But it was also bad in iron ore with Vale’s average sales price down to $US68 per tonne. It is also accumulating iron ore inventories like there’s no tomorrow, up by 9.3 million tonnes, despite its record shipments in the quarter. The company intends to sell ’em soon said the CEO Luciano Siani. Shares fell 3.5% in New York.
Reuters has more:
