Vale presents its financial performance for the full year of 2012 and its fourth quarter (4Q12), the company reports. Vale underlying earnings reached US$11.2 billion against US$ 23.2 billion in 2011, and adjusted EBITDA1 was US$ 19.1 billion,falling 43.3%, but being the third highest in our history. Almost all of the reduction was caused by the lower prices in 2012, given their negative impact of US$ 13.8 billion on the adjusted EBITDA.
Vale distributed dividends to shareholders of US$ 6.0 billion, the second largest evermade by Vale and the largest among big miners in 2012.
The ramp up of Moatize, Oman I & II and Bayóvar allowed for record output of coal,pellets and phosphate rock. Iron ore production in 4Q12 was the biggest for a fourth quarter, contributing to amplify Vale exposure to the V-shaped recovery of iron ore pricesthat has been taking place since mid September 2012.
Vale iron ore and pellet shipments reached an all-time high figure of 303.4 million metric tons. In addition to the sales increase, Vale iron ore marketing strategy based on theutilization of a global distribution network is contributing to capture more value through higher sales prices.
Two new copper projects commenced operations in 2012: Salobo and Lubambe. Salobo,in Carajás, a copper with gold operation, is a world-class asset, in the first quartile of theindustry cost curve. Lubambe, developed through a joint venture, is Vale first copper mine in the heart of the African Copper belt, the area with the largest growth potential in the world for copper supply expansion.
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