Vale, the world’s largest miner of iron ore, is expected to report record yearly earnings on Thursday and continue to impress in the coming quarters despite concerns over Chinese demand and rising costs.
Supply disruptions in India and huge demand from emerging markets for the steelmaking commodity have pushed iron ore prices to about $190 per tonne, more than three times the $61 per tonne level of 2009, boosting the profits of miners worldwide.
UBS is predicting Vale will report earnings before interest, taxation, depreciation and amortisation of $24.5bn for 2010 on net revenues of $44.2bn compared with ebitda of $9.2bn in 2009 and net revenue of $23.9bn.
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