Brazilian miner Vale posts $12.13 billion loss in 2015
Rio de Janeiro (AFP) –
Brazilian mining giant Vale said Thursday it lost $12.13 billion last year due to lower prices for iron ore, the sharp depreciation of the real and a mining accident that killed 19 people.
In 2014, Vale had posted a profit of $657 million, but last year the Brazilian currency fell 47 percent against the dollar, inflating the company's debt, while revenue declined and the price of iron ore -- Vale's main export product -- dropped 43 percent, finance director Luciano Siani said.
© 2016 AFP