Brazilian mining company Vale recorded net profits of $8.105 billion for 2023, compared to $18.870 billion for 2022.

On the same comparative basis, net sales revenue decreased 4.7% to $41.78 billion, and gross profit decreased 10.7% to $17.69 billion. Operating profit decreased by 17.5%, to $14.21 billion.

The company said that the decline in performance mainly reflects lower average sales prices and the impact of exchange rate changes.

The cost of producing iron ore was: Excluding acquisitions from third parties, US$22.3 /mt. It remained at US$22.5 /mt for the year.

Iron ore production reached 321.2 million mt in 2023, an increase of 4.3% compared to 2022, while pellet production increased by 13.5% to 36.5 million mt.

The average FOB iron ore price was about US$108/mt in 2023, stable as of 2022.

While the average price of pellets decreased by 14.2%, to US$161.9/mt.