Brazilian iron ore and base metal giant Vale saw net earnings slip 9% in the three months to March 31.
The company reported net income attributable to shareholders of $US1.67 billion for the quarter, down from $US1.83 billion in the same quarter of 2023.
That was on a small rise in revenue for the period to $US8.45 billion (from $US8.43 billion a year earlier). Adjusted EBITDA fell to $US3.44 billion, against $US3.71 billion in Q1 of 2023.
Vale last week reported first-quarter output and sales figures, revealing lower nickel production even as iron ore and copper output rose. Higher sales volumes of iron ore and copper helped offset the dip in prices in the metals, the company said in the results announcement.
The average realized price of copper was 19% lower than in the same period last year, while nickel was down 33%. Vale said iron ore fines realized prices were also slightly lower from last year.