Vale profit plunges on weaker currency, but says could ultimately benefit

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale's (VALEQ2 profit plunged 84%, due in part to foreign exchange losses; Vale’s earnings have now dropped every quarter for the past two years.

Says its investment budget could ultimately benefit from a weaker Brazilian real, citing expansion of the Carajas iron ore mine in the Amazon; estimated capex through 2018 is $19.67B, but only $2.86B has been executed so far - "Such savings are not yet reflected in the expected capex for the approved projects under construction."

Produced 73.2M metric tons of iron ore and pellets vs. 80.5M a year earlier.

Shares -5.3% AH.