Vale records $3.8 billion quarterly loss after nickel asset write-down
Brazilian miner Vale reported a $3.8 billion net loss for the fourth quarter today. The result follows a major impairment on its Canadian nickel assets.
Insights:
Vale S.A. reported a $3.8 billion net loss for the fourth quarter covering the October to December period, driven by substantial non-recurring charges that materially altered the company's financial outcome. The mining company, which is based in Brazil 
BR, saw its reported profitability for the quarter diverge from analyst expectations following a $3.5 billion impairment on Vale Base Metals nickel assets in Canada 
CA and a $2.8 billion write-off of deferred tax assets. These adjustments, which also involved various Vale subsidiaries, resulted in a widened loss compared to the same period in the previous year.
BR, saw its reported profitability for the quarter diverge from analyst expectations following a $3.5 billion impairment on Vale Base Metals nickel assets in Canada CA and a $2.8 billion write-off of deferred tax assets. These adjustments, which also involved various Vale subsidiaries, resulted in a widened loss compared to the same period in the previous year.
