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Vale S.A. (VALE)

  • Mar. 28, 2013, 2:24 PM
    Anglo American (AAUKY.PK, AAUKF.PK) cancels its A$540M acquisition of a 58.9% interest in the Revuboe metallurgical coal project in Mozambique after the miner says a number of conditions weren't satisfied. Anglo expects to continue establishing a position in the Moatize coal basin, where Vale (VALE) and Rio Tinto (RIO) have operations.
    | Mar. 28, 2013, 2:24 PM | 1 Comment
  • Mar. 25, 2013, 2:45 PM
    China says growth in its crude steel production this year likely will be a more moderate 4% compared with the breakneck pace of much of the past decade. The slow recovery of developed economies means global demand will grow only gradually, the country's top planning agency says. The world's top three iron ore miners, which seem to expect better, are slippingVALE -1.3%, RIO -1.5%, BHP -1%.
    | Mar. 25, 2013, 2:45 PM | 1 Comment
  • Mar. 22, 2013, 8:58 AM
    An Argentine court tells Vale (VALE) it cannot dismantle its Rio Colorado potash project, which the Brazilian miner suspended last week saying it was no longer viable. Vale says the $6B project has been hit by soaring costs due to Argentina's rampant inflation and controlled exchange rate, in a dispute that threatens to spark trade tensions between South America's two largest economies.
    | Mar. 22, 2013, 8:58 AM | 4 Comments
  • Mar. 18, 2013, 5:05 PM
    Vale (VALE) has almost doubled its estimated cost of its potash project in Argentina to $11B, as exchange rate controls amid rampant inflation caused the Rio Colorado mine to become commercially unviable, CEO Murilo Ferreira says. Argentina’s government blasted Vale's claims, but Barrick Gold (ABX), developing the Pascua-Lama mine, had to boost its cost estimate by ~70% within a matter of months.
    | Mar. 18, 2013, 5:05 PM | Comment!
  • Mar. 15, 2013, 8:26 AM
    Mining's new era of austerity is bad news for governments that grew accustomed to fat tax and fee revenues. Latest example: Vale’s (VALE) suspension of its Rio Colorado mine after failing to reach a deal with Argentina to help it rein in soaring costs. The government may rescind Vale’s concession and seek new ways to develop the project, but no investor is likely to take on the task under the current circumstances.
    | Mar. 15, 2013, 8:26 AM | Comment!
  • Mar. 14, 2013, 9:43 AM
    Vale (VALE -0.2%) reportedly hires BAML to sell minority stakes in two of its undeveloped Australian coal assets, including the Belvedere project in Queensland state. Belvedere could require $2B of investment, and is due to be completed in 2016; initial production is forecast at up to 2M tons/year of coal, rising to 7M tons later.
    | Mar. 14, 2013, 9:43 AM | Comment!
  • Mar. 13, 2013, 3:33 PM
    Vale (VALE -3.6%) plans to sell the Rio Colorado fertilizer project in Argentina to recoup the $2.2B it has invested in the suspended potash mine, railroad and port complex, Reuters reports. A sale would come just four years after Vale bought the project, then in the feasibility study phase, from Rio Tinto as part of an $850M deal.
    | Mar. 13, 2013, 3:33 PM | 1 Comment
  • Mar. 12, 2013, 12:45 PM
    Vale's (VALE) suspension of investments in its Rio Colorado potash project in Argentina is another sign the miner is headed in the right direction, BAML analysts write. The firm thinks investors will take a positive view of the perception Vale is defining its projects based on the best interests of the company and its shareholders rather than those of Brazil.
    | Mar. 12, 2013, 12:45 PM | Comment!
  • Mar. 11, 2013, 2:24 PM
    Vale (VALE +0.3%) confirms it is suspending investments in its $6B Rio Colorado potash project in Argentina, which it says is not "in line with Vale's commitment to discipline in capital allocation." The project has been plagued with cost overruns due to inflation which has raised labor and materials expenses. (earlier)
    | Mar. 11, 2013, 2:24 PM | 1 Comment
  • Mar. 11, 2013, 7:34 AM
    VALE is likely to cancel its $5.9B potash project in Argentina after failing to gain tax breaks from the government, reports a local newspaper. With the concessions, the cost of the project would nearly double to $11B.
    | Mar. 11, 2013, 7:34 AM | 1 Comment
  • Mar. 7, 2013, 3:51 AM
    BHP Billiton (BHP) has become the first of the world's top three miners to respond to Chinese allegations that they and some traders had manipulated the market for iron ore to bring about a rebound in prices. "We aim to improve transparency by increasing liquidity in the spot market," BHP said. Rio Tinto (RIO) and Vale (VALE) have yet to respond to the accusations.
    | Mar. 7, 2013, 3:51 AM | Comment!
  • Feb. 28, 2013, 9:53 AM
    In spite of an EPS miss and $5.66B worth of mine write-downs, Vale (VALE +2.4%) is rising post-earnings, as investors focus on a revenue beat and cautiously optimistic commentary. The mining giant is confident it won't see a major slowdown in China, and expects the local steel market to grow moderately this year. Bulk materials and base metals revenue respectively fell 21% and 23% Y/Y thanks to price declines, and rising maritime freight expenses led cost of goods sold rose by $142M even after adjustments. Opex -2% Y/Y to $2.3B. CC at 10AM ET (webcast). (PR)
    | Feb. 28, 2013, 9:53 AM | Comment!
  • Feb. 27, 2013, 5:46 PM
    Vale (VALE): Q4 EPS of $0.38 misses by $0.06. Revenue of $12B (+% Y/Y) beats by $0.8B. (PR)
    | Feb. 27, 2013, 5:46 PM | 1 Comment
  • Feb. 21, 2013, 8:49 AM
    BHP Billiton (BHP) -2.2% premarket after Citigroup downgraded the miner to Neutral from Buy, saying positive catalysts such as capital expenditure cuts and cost reductions are now priced in (H1 earnings). Other mining firms also look to open lower, as most metals prices head south: RIO -2.3%, VALE -1.4% premarket.
    | Feb. 21, 2013, 8:49 AM | Comment!
  • Feb. 6, 2013, 5:38 AM
    Vale (VALE) intends spend $7B on developing mines in seven African countries over the coming year, including investments in coal in Mozambique, iron ore and bauxite in Guinea, and copper in Zambia, the Democratic Republic of Congo and Angola.
    | Feb. 6, 2013, 5:38 AM | Comment!
  • Feb. 5, 2013, 5:52 PM
    Silver Wheaton’s (SLW) $1.9B purchase of Vale (VALE) gold streams should hike revenues generated from gold production from an average of 12% to a peak of ~25% in the next five years. The move is expected to immediately boost SLW’s production and cash flow profile by adding expected average gold production of 110K oz./year over the next 20 years, or ~$3.7B at prevailing gold prices, Jon Ogg calculates.
    | Feb. 5, 2013, 5:52 PM | 7 Comments
VALE vs. ETF Alternatives
Company Description
Vale SA is a metals & mining company. It produces & supplies iron ore, iron ore pellets, nickel, manganese ore, ferroalloys, copper, coal, phosphates, potash, cobalt & others.
Industry: Steel & Iron
Country: Brazil