Vale reports record earnings, investments, iron ore output

Vale reported late last week its best-ever annual result, with record net earnings of US$ 17.3 billion in 2010, which the company claimed were "the largest ever in the mining industry". In 2009, Vale reported substantially lower earnings of US$ 5.35 billion. The Brazilian miner also reported US$ 19.4 billion in investments in 2010, also claimed as "the largest in the world's mining industry".

Most of production numbers also rose last year, with iron ore output reaching an all-time high of 308 million tonnes, up 29.4% from the 238 million tonnes produced in 2009. Silver production increased 19.9% to 1,492,000 ounces during the same period, while manganese ore output grew 11.1% to 1.8 million tonnes and copper production was up 4.4% to 207,000 tonnes.

On the flipside, potash production dropped 7.8% to 662,000 metric tonnes and refined nickel output fell 4.2% to 179,000 metric tonnes. Commenting on last year’s results, chief executive Roger Agnelli said Vale is “living through our best days”, and believes “even better days are ahead of us”.