Brazilian Vale recorded a loss in the first quarter


Brazilian company Vale, the world's largest producer of iron ore and nickel, reported a net loss of $1.642 billion in the first quarter of 2019 against a net profit of $1.590 billion a year earlier. For the first time in history, the company recorded an adjusted pre-tax loss, which amounted to 652 million dollars. Negative quarterly figures were caused by a dam break at the mine in Minas Gerais in January, killing about 300 people, and the company had to suspend the work of a number of mines. Vale reflected losses in the amount of 4.95 billion dollars in quarterly reporting. Revenue fell to $8.203 billion from $8.603 billion. During the earnings period, the mining concern increased capital expenditures to $611 million from $890 million in the same period last year.

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