Brazil’s Vale posts decline in quarterly profit but beats expectations

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SAO PAULO (Reuters) – Brazilian miner Vale SA (NYSE:VALE) said on Thursday its second-quarter recurring net income fell 49.8% from the previous year, hit mainly by the sharp decline in iron ore prices.

Vale, one of the world’s largest iron ore miners, posted recurring net income of $4.09 billion, compared with $8.14 billion the previous year.