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LatinNews Daily - 25 October 2018

In brief: Brazil

* Brazilian mining company Vale, the world’s largest producer of iron ore and nickel, has released its third quarter results, which show that its free cash flow generation totalled US$1.4bn, up from US$76m in the second quarter of 2018. Vale’s free cash flow for the first nine months of 2018 registered a 35.1% year-on-year decrease however, totalling US$3.1bn. The company notes that a decrease in iron ore prices was offset by the production of premium products, and that it registered a record production of iron ore in the third quarter. “The strong 3Q18 results showcase the structural change in the Chinese ore and steel markets”, Vale chief executive Fabio Schvartsman said, adding that “We are turning Vale into a very predictable company by delivering sound operational performance, higher price realisation, lower costs and rigorous capital allocation”.

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