Vale fourth-quarter profit falls 35% on higher provisions over dam accident
Brazilian miner Vale reported on Thursday a 35% drop in fourth quarter net profit, missing analyst expectations by almost half, following higher provisions related to its Samarco joint venture and more taxable income.
Vale, one of the world's largest iron-ore producers, reported a $2.42-billion net profit for the quarter ended in December, compared to $4.15-billion expected by analysts polled by LSEG.