Águas Claras mine, in the Belo Horizonte region. Photo: Luis War/Shutterstock
Brazil’s mining sector is on the up, underlined by positive results for the first half of 2021. Among the main factors for growth is the devaluation of the Brazilian Real coupled with record iron ore prices on the international market, drawing huge profits for the country’s major mining firms.
Profits that were seen in the Q2 2021 earnings reports of mining giant Vale, steel producer CSN, and its mining subsidiary. Vale posted net profits of USD 7.586 billion in this year’s second quarter, a whopping 662 percent more than the same period in 2020, when the company was still feeling the financial after-effects of the 2019 Brumadinho dam disaster. Compared to Q1, profits grew 36.78 percent.
Vale’s earnings before interest, taxes, depreciation, and amortization (EBITDA) closed out the quarter at USD 11.038 billion, 32 percent higher than the beginning of the year. Indeed,...
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