Vale reports surge in Q3 profit as iron-ore prices rise

Brazil's Vale saw net income jump by nearly 300% in the third quarter as iron-ore prices rose, the world's largest iron-ore producer said on Thursday, even as earnings fell shy of analyst estimates. In a securities filing, Vale said net income totaled $2.23-billion, 287% above the $575-million it posted during the same period last year. However, the figure was under an average consensus estimate of $2.439-billion.