$VALE
In a securities filing, Vale reported second-quarter net income of $7.586 billion, up over 600% from the same period a year ago, but slightly below the Refinitiv consensus estimate of $7.67 billion.
The company benefited from significant demand and increasing prices for iron ore, its main product. Vale said it realized $182.80 per tonne of iron ore fines in the second quarter, up from $88.90 in the same period last year. The strengthening of the Brazilian real currency also had a positive impact.
But Vales reported a writedown - the exact value of which was not disclosed - on its coal assets, resulting from a “lower long-term price assumption for metallurgical and thermal coal.” It also recorded $560 million in provisions related to increased resettlement costs from a deadly 2015 dam burst.