Vale ( NYSE:VALE) has announced a 30% reduction in its 2013 target for coal exports out of its Moatize mine in Mozambique. The target has been reduced from 4.9 million tonnes planned earlier to 3.4 million tonnes. The revision follows incidents of labor disruptions and heavy flooding which rendered its railway line unusable temporarily. 
Share:  Vale ( <span class="company">NYSE:VALE</span>) has announced a 30% reduction in its 2013 target for coal exports out of its Moatize mine in Mozambique. The target has been reduced from 4.9 million tonnes planned earlier to 3.4 million tonnes. The revision follows incidents of labor disruptions and heavy flooding which rendered its railway line unusable temporarily. Tweet this   read full story

By Paul Kiernan RIO DE JANEIRO Brazilian mining company Vale SA ( VALE, VALE5. BR), unhappy with its declining share in the local iron ore market, will work to rebuild this core area of its business while keeping steel investments at arm's length, Chief Executive Murilo Ferreira said Thursday."We're going to continue our business in iron ore, fertilizers, nickel, copper and coal," Mr. Ferreira said at the annual Brazilian Steel Congress. "That's our core business for the coming years, and it's the core we've presented in our strategic planning.". Vale, which depends increasingly on China for revenue, has seen its share of the Brazilian market fall in recent years as local steelmakers have invested in producing their own iron ore 
Share:  By Paul Kiernan RIO DE JANEIRO Brazilian mining company <span class="company">Vale SA</span> ( VALE, VALE5. <span class="sent">BR), unhappy with its declining share in the local iron ore market, will work to rebuild this core area of its business while keeping steel investments at arm's length, Chief Executive <span class="analyst">Murilo Ferreira</span> said Thursday."We're going to continue our business in iron ore, fertilizers, nickel, copper and coal," Mr. Ferreira said at the annual Brazilian Steel Congress.</span> "That's our core business for the coming years, and it's the core we've presented in our strategic planning.". Vale, which depends increasingly on China for revenue, has seen its share of the Brazilian market fall in recent years as local steelmakers have invested in producing their own iron ore....<span class="company">Vale</span>, which depends increasingly on China for revenue, has seen its share of the Brazilian market fall in recent years as local steelmakers have invested in producing their own iron ore. <span class="sent">Whereas <span class="company">Vale</span>, the world's largest iron ore producer, once supplied 70% of Brazil's iron ore needs, that share likely will fall to 29% by 2015, Mr. <span class="analyst">Ferreira</span> said."That's</span> not good for us; we want to grow," he said. But with steelmakers from Argentina to Germany struggling to remain profitable amid an excess of capacity world wide, <span class="company">Vale</span> has grown wary of investing directly in the local steel industry to prop up domestic iron ore sales....SE, PKX) in Brazil's northeastern state of Ceara and expected to begin operating in 2015. <span class="sent">Mr. <span class="analyst">Ferreira</span> said project is proceeding according to its timeline.</span> Two other steel projects, ALPA in the northern state of Para and CSU in the southeastern state of Espirito Santo, are currently on hold. <span class="company">Vale</span> holds majority stakes in both....<span class="company">Vale</span> holds majority stakes in both. <span class="sent"><span class="company">Vale</span> suspended work at CSU because it couldn't find a partner to lead the project, while unresolved logistical issues have prevented <span class="company">Vale</span> from moving forward on ALPA, Mr. <span class="analyst">Ferreira</span> said."We</span> consider it our duty to fight to increase our market share for iron ore in Brazil," he said. "<span class="company">Vale</span> is a mining company and we don't want to lead any new [steel] projects in Brazil.". Tweet this   read full story

Brazil's Vale wants part of US steel recovery. CEO Murilo Ferreira says shale gas has made the US competitive again and they want to be part of the resurgence of the steel industry. Follow @mineweb. Related Stories Vale receives license to build Brazil rail line 
Share:  Brazil's <span class="company">Vale</span> wants part of US steel recovery. <span class="sent">CEO <span class="analyst">Murilo Ferreira</span> says shale gas has made the US competitive again and they want to be part of the resurgence of the steel industry.</span> Follow @mineweb. Related Stories <span class="company">Vale</span> receives license to build Brazil rail line....SAO PAULO ( Reuters)     <span class="company">Vale SA</span> , the world's biggest iron ore miner, hopes to boost sales to the U. S steel industry, which has become more competitive as the country's shale gas boom has lowered costs, the Brazilian miner's CEO said on Tuesday. <span class="sent">Growth in the United States presents an opportunity for Vale to reduce its dependence on Chinese demand, Vale CEO <span class="analyst">Murilo Ferreira</span> told a gathering of executives and government officials in Sao Paulo sponsored by a Brazilian magazine.</span> "Shale gas has made the U. S competitive again," he said. "And we feel that we want to be part of the resurgence of the steel industry in that country."....SAO PAULO ( Reuters)     <span class="company">Vale SA</span> , the world's biggest iron ore miner, hopes to boost sales to the U. S steel industry, which has become more competitive as the country's shale gas boom has lowered costs, the Brazilian miner's CEO said on Tuesday. <span class="sent">Growth in the United States presents an opportunity for Vale to reduce its dependence on Chinese demand, Vale CEO Murilo <span class="analyst">Ferreira</span> told a gathering of executives and government officials in Sao Paulo sponsored by a Brazilian magazine.</span> "Shale gas has made the U. S competitive again," he said. "And we feel that we want to be part of the resurgence of the steel industry in that country.". Tweet this   read full story

However, Vale was able to come to an agreement with the government, and in the end it will have to pay the miners two and a half times their monthly salaries paid out over five months. There are approximately 4,000 miners at Rio Colorado, 2,900 of which are in Mendoza, so Vale's bill won't be cheap, but it's cheaper than having to stay. In a concession to the miner, however, Vale's existing concession at the mine will remain intact for up to four years, and it will be allowed to seek out a buyer or a partner for the project. 
Share:  <span class="sent">However, <span class="company">Vale</span> was able to come to an agreement with the government, and in the end it will have to pay the miners two and a half times their monthly salaries paid out over five months.</span> There are approximately 4,000 miners at Rio Colorado, 2,900 of which are in Mendoza, so <span class="company">Vale</span>'s bill won't be cheap, but it's cheaper than having to stay. In a concession to the miner, however, <span class="company">Vale</span>'s existing concession at the mine will remain intact for up to four years, and it will be allowed to seek out a buyer or a partner for the project. Tweet this   read full story

Vale ( NYSE:VALE) announced its first quarter results on April 25. It reported a net quarterly profit of $3.1 billion, compared with a profit of $3.79 billion in Q1 2012 and a loss of $2.7 billion in Q4 2012. (( Vale Q1 2013 6 K , SEC)) According to Vale, the main reason for the better than expected performance in the quarter was its ability to control costs and expenses. Operating costs as well as sales, general and administrative ( SG&A) expenses were reduced through the implementation of a number of initiatives. 
Share:  Vale ( <span class="company">NYSE:VALE</span>) announced its first quarter results on April 25. It reported a net quarterly profit of $3.1 billion, compared with a profit of $3.79 billion in Q1 2012 and a loss of $2.7 billion in Q4 2012. (( Vale Q1 2013 6 K , SEC)) According to Vale, the main reason for the better than expected performance in the quarter was its ability to control costs and expenses. Operating costs as well as sales, general and administrative ( SG&A) expenses were reduced through the implementation of a number of initiatives. Tweet this   read full story

Poppinga also sees the long term outlook for copper to be good, despite copper prices recently falling to seven month lows. Vale expects its Vale New Caledonia mining unit to become cash flow positive in 2014, Chief Financial Officer Luciano Siani said on the call. In Indonesia, where the government plans to prohibit the export of nickel ores starting in 2014, Vale is in the process of increasing its capacity to produce metallic nickel to 80,000 tonnes a year from 70,000 tonnes a year and expects to increase that to as much as 120,000 tonnes in the coming years. Vale said it is in compliance with the new rules and will not suffer any sanctions from the government. 
Share:  Poppinga also sees the long term outlook for copper to be good, despite copper prices recently falling to seven month lows. <span class="sent"><span class="company">Vale</span> expects its <span class="company">Vale</span> New Caledonia mining unit to become cash flow positive in 2014, Chief Financial Officer <span class="analyst">Luciano Siani</span> said on the call.</span> In Indonesia, where the government plans to prohibit the export of nickel ores starting in 2014, <span class="company">Vale</span> is in the process of increasing its capacity to produce metallic nickel to 80,000 tonnes a year from 70,000 tonnes a year and expects to increase that to as much as 120,000 tonnes in the coming years. <span class="company">Vale</span> said it is in compliance with the new rules and will not suffer any sanctions from the government. Tweet this   read full story