Vale Inco's parent company, Companhia Vale do Rio Doce (Vale SA), stated it plans to boost production, despite a losing millions as a result of low prices for iron ore and nickel, in its quarterly reports, announced July 30.
The report saw net income drop by $790 million and share prices by 15 cents.
Nickel prices in the last three months averaged 49 per cent less than a year earlier on the London Metal Exchange. However, prices are recovering for the third quarter.
The production of iron ore, which makes up two-thirds of Vale SA's business, was slashed by 32 per cent, but Vale has plans to ramp up production.
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