*Brazilian mining company Vale has released its financial results for the fourth quarter of 2024, which showed a quarterly net loss of US$694m. This contrasts with the net profit of US$2.41bn registered in Q3 2024 and US$2.42bn in Q4 2023. Vale’s net sales revenue in Q4 last year came to US$10.12bn. This marks a 6% increase from the net revenue of US$9.55bn registered in Q3 2024 but a 22% decrease compared to the US$13.05bn registered in the same quarter in 2023. According to the mining giant’s latest financial report, the net loss in Q4 was mainly driven by a reduction in the recoverable value of the company’s assets in Canada, such as nickel production operations in its facility in Thompson, Manitoba province, and its mining project in Voisey Bay, Newfoundland and Labrador province. Regarding the annual results for 2024, Vale posted a net profit of US$6.17bn, down 23% compared to the annual profit of US$7.98bn registered in 2023.
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