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Vale S.A. (VALE)

  • Aug. 17, 2012, 3:57 PM
    Saskatchewan's economy minister expects BHP Billiton (BHP -0.2%) to proceed with construction of its potash mine, and does not expect BHP to replicate Vale's (VALE) delay of its own project in the Canadian province. BHP’s mine at Jansen would be the world’s largest potash mine, capable of producing 8M metric tons annually, but analysts have suggested BHP is weighing a delay.
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  • Aug. 16, 2012, 6:09 PM
    Vale (VALE) says it is postponing development of its $3B Kronau potash project in Canada for an indefinite period and may delay other projects as it seeks to prioritize cost control and concentrate on projects that have the greatest potential to help it grow, such as the Serra Sul iron ore project in Brazil.
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  • Aug. 16, 2012, 3:21 PM
    Iron ore prices will begin to recover in September, Vale's (VALE +0.6%) Murilo Ferreira believes, citing inventories of the steel-making raw material in China falling to the equivalent of 20 days' usage from a level of 30 days in June. Spot prices of iron ore with 62% iron content for delivery into China slumped this week to $113 per metric ton, lowest since Dec. 2009.
  • Aug. 14, 2012, 3:26 PM
    Vale (VALE -3.6%) sees “early signals” of recovery in China's economy, but "we are not going to see the spectacular growth rates of 10%, 12% per year... the golden years are gone," Vale says. The top iron ore producer shipped ~44% of its iron ore and pellets to Chinese steelmakers in Q2, and iron ore prices have dropped to their lowest since Dec. 2009 - not an upbeat combo.
  • Aug. 2, 2012, 7:28 AM
    BHP Billiton is set to postpone a $20B port expansion plan in Australia, according to a memo from the company's iron ore chief: The resources industry is "facing numerous challenges including substantial capital and operating cost escalation and decreasing commodity prices." Mining contractors in Perth have reportedly already started laying off workers.
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  • Aug. 1, 2012, 2:56 PM
    Brazil has sacrificed ~$20B and lost a significant share of the global seaborne iron ore market in the past decade, mainly due to licensing difficulties which have caused mine project delays, a Vale (VALE) exec says. The world's largest iron ore producer must obtain no fewer than 174 environmental permits to complete projects for which $34B in investments already have been approved.
  • Jul. 30, 2012, 4:01 PM
    The price of iron ore catches with Shanghai rebar prices, falling below the $120/ton mark. $120 has importance as it's thought to be the level below which Chinese miners will stop producing the stuff, and hopefully - for companies like BPH, RIO, and VALE - bring about a rebound in the price. (see also)
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  • Jul. 26, 2012, 4:42 PM
    Declining profits and a gloomy global outlook are forcing Vale (VALE +1.4%) take a closer look at its planned $21.4B investment budget for 2012, with a "continuous review" underway, CEO Murilo Ferreira says. But earnings likely will remain under pressure from weak steel and mining markets, as well as potential royalties liabilities, Credit Suisse warns.
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  • Jul. 25, 2012, 6:02 PM
    More on Vale (VALE): Q2 misses badly as net profit slides nearly 60% Y/Y as lower iron-ore prices offset record output. Operating revenue for the quarter also tumbled 21% to $12.2B. Shares -2% AH.
  • Jul. 25, 2012, 5:42 PM
    Vale (VALE): Q2 EPS of $0.52 may not be comparable to $0.75 consensus estimate. Revenue of $12.2B (-20.8% Y/Y) misses by $800M. Shares -1.5% AH. (PR)
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  • Jul. 25, 2012, 8:22 AM
    Iron ore prices are set to fall even further, says Nomura's Matthew Cross, as they catch up with the steep decline in Shanghai rebar prices. The last time rebar was this cheap, iron ore was about 15% lower, he says. Watch $120/ton - a possible floor for iron ore as this is the level at which Chinese producers have in the past begun to slash production.
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  • Jul. 19, 2012, 10:54 PM
    The price of iron ore at Tianjin Port falls to $125.60/metric ton, a new low for 2012 as Chinese inventories hit a record high. Even as demand shrinks, producers continue to increase output, both RIO and BHP digging up record amounts this year, and BHP planning on nearly a 40% increase by 2014.
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  • Jul. 18, 2012, 6:09 PM
    Vale (VALE), the world's biggest iron ore miner and second largest nickel producer, reports Q2 iron ore production rose 15% Q/Q, citing improved weather conditions, while nickel output slipped 3.6%. Vale produced 80.5M tons of iron ore and 61K metric tons of nickel during the quarter. Shares -0.8% AH.
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  • Jul. 11, 2012, 8:06 AM
    Can we make an argument with Andrew Forrest - founder of wildly successful iron-ore miner Fortescue? With iron-ore producer shares at their lowest level in years, he bought $137M of stock in his company in June. Evy Hambro, PM with BlackRock, and sitting on stakes in RIO and BHP says Forrest's move is "a very clear signal" of better times ahead.
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  • Jul. 10, 2012, 1:07 PM
    Approval of a deal between VALE and Petrobas should give a boost to Vale's plan to become a bigger player in the fertilizer business. The agreement will enable Vale to develop a new potash mine as well as to continue production at Petrobas' Taquari-Vassouras site, currently the only potash mine in the country.
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  • Jun. 29, 2012, 9:16 AM
    Premarket gainers: STZ +18%. SWHC +13%.
    AMPE +12%. NBG +14%. FSIN +13%. PCX +9%. KBH +9%. ING +8%. LXRX +8%. IRE +7%. BBVA +7%. DB +7%. IVN +7%. MTG +7%. ALU +7%. GSS +6%. LNCR +5%. RIO +6%. ATPG +6%. MT +6%. HZNP +6%. SAN +6%. CLNE +6%. STM +6%. CS +6%. BBL +5%. GALE +5%. OREX +7%. SI +5%. VALE +5%. BHP +5%.
    Losers: RIMM -14%. NKE -10%. TMH -7%. SPPI -6%.
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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