Rio de Janeiro—Brazilian mining giant Vale SA reported a net loss of $12.13 billion on gross operating revenues of $26.05 billion in 2015. This compares to a net income of $657 million and revenues of $38.24 billion for the previous year. The group attributed the year-on-year decrease in income to lower commodity prices, especially iron ore, and to higher impairment charges in 2015 ($9.37 billion versus $1.15 billion in 2014). The 47 percent year-on-year depreciation of the Brazilian real against the U.S. dollar, which inflated the group's debt, was also a major factor.
展开▼
