Brazilian miner Vale on Thursday reported a weaker-than-forecast 15% gain in quarterly earnings as the iron-ore exporter tries to overhaul its operations to avoid a recurrence of the dam burst that killed more than 250 people in January.
Vale’s net profit rose to $1.654-billion from $1.408-billion in the year-ago period, missing the $2.72-billion mean of analysts polled by Refinitiv, as an increase in iron ore prices was partially offset by a slump in production following the incident.