Financial performance of Vale’s Moatize mine improving

The loss suffered by Brazilian mining group Vale’s Moatize coal operation in the Tete province of Mozambique last year, in terms of adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda), was significantly less than that suffered in 2015. This was reported in the miner’s recent publication “Vale’s Performance in 2016”. The losses in 2016 came to $105-million, as against $508-million in 2015. This improvement was largely the result of lower costs and expenses (after adjusting for the effects of variations in volume), which contributed $344-million to the improvement, and higher sales prices ($140-million).