Global mining giant Vale is seeing record profits in its third quarter with net earnings of US$6 billion, due in part to rising demand and operational efficiencies.
The quarter's net earnings stand 63 per cent above the $3.7 billion recorded in the previous quarter.
This is the company's “best ever financial result,” according to a Vale press release. The quarter also saw records in gross revenue, operational income and margin, net earnings and cash generation.
China and Brazil made up the majority of Vale's revenues, with the former representing 35.6 per cent, and the latter constituting 18.2 per cent.
In its outlook, the company says nickel prices have been trending upward since June, and that consumption of the nickel is “performing well and with good prospects into the first half of 2011.”
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