Vale (NYSE:VALE) Says Earnings Best Ever in Mining Industry

Vale (NYSE:VALE) reported what they called the ‘best ever' annual result in the mining industry: $17.3bn in 2010.

Vale CEO Roger Agnelli says - that given the company's project pipeline and the demand for its metals and minerals production-"even better days are ahead for us."

Vale Thursday reported its "best ever annual result, characterized by all-time high figures for operating revenues, operating income, operating margin, cash generation and net earnings."

Vale reported record net earnings of $17.3 billion or $3.25 a share in 2010, which the company claimed were "the largest ever in the mining industry." The company reported net earnings of $5.35 billion or $1 per share in 2009.

During the fourth-quarter 2010, Vale reported net earnings of $5.9 billion, compared to $2.5 billion in net earnings reported during the fourth-quarter 2009.

Vale reported $19.4 billion in investments in 2010, which the company said were "the largest in the world's mining industry." Record capital expenditures-excluding acquisitions-were reported at $1.27 billion last year.




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