Vale reported a significant increase in its 2021 net income.
Net operating income increased 38 percent year on year to $54.5 billion.
Mining firm Vale reported net income attributable to its shareholders as $22.44 billion in 2021.
The iron ore 62% Fe reference price averaged $159.5/dmt last year, up 46% compared to 2020.
The Brazilian firm's net income in the fourth quarter of 2021 was $5.43 billion, compared to $739 million in the same period a year ago. This growth was attributed to the 'reclassification of the cumulative currency change in equity'.
Annual net operating income was $54.5 billion, up 38% year over year. High prices in ferrous minerals and copper caused pro forma adjusted EBITDA to increase from $21.95 billion to $33.77 billion.
Capital expenditures for the year to December 31, 2021 reached $5.23 billion, up 18% from $4.43 billion in 2020.
Net debt in Q4 2021 was $1.87 billion compared to $2.21 billion in the previous quarter, but was announced as over $769 million in Q4 2020.
Cash flow from operations increased from $18.89 billion a year earlier to $33.41 billion.
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