Brazilian miner Vale SA (NYSE:VALE) is looking forward to "a very, very good year," following the company's record financial results in 2010, Chief Executive Roger Agnelli said Friday.
Agnelli told analysts on a conference call that "2010 was the best" and that "higher output of all our products, including iron ore, nickel and copper" bode well for 2011's results.
Global copper prices look set to reach record highs this year, the Vale CEO said.
Vale reported late Thursday that its fourth-quarter earnings rose nearly four-fold to $5.917 billion, contributing to a record-high annual profit of $17.264 billion, about 21% above its previous best in 2008.
Revenue, profit margin and investments also reached record levels, which the company said put it ahead of peers BHP Billiton Ltd. (NYSE:BHP), Rio Tinto (NYSE:RIO), XStrata (LSE:XTA) and Anglo American PLC (LSE:AAL).
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