Vale posts record profits
Those considering property for sale in Brazil could be interested to hear one of the nation’s mining companies has posted record profits, which hints at an economic buoyancy in the country, it has been reported.
Vale – the world’s third biggest mining organisation – announced second-quarter net profits of $5.009 billion (£2.5 billion), representing a rise of 22.3 per cent, according to Reuters.
The company, which is the world’s largest iron ore producer, said demand for the commodity is still strong despite sharp declines in the value of metal and mining firms brought on following the US credit crunch.
"In spite of the current risks, we believe that the fundamentals of the mineral and metals markets have not changed, remaining very robust," Reuters cited a company statement as saying.
Meanwhile, it was reported last month by Brazzil Mag state oil firm Petrobras is now the second-biggest company in Latin America further hinting at economic resilience.
