World's largest iron ore mining Co registers record Q2 profit
1/8/2007 15:52
The world's largest iron ore mining company CVRD reported a record
increase of net profits in the second quarter of 2007.
The 50-percent growth
to 5.8 billion Brazilian reals (about US$3.1 billion) was mainly driven by a
iron ore price increase of 9.5 percent.
The Brazilian mining giant also
registered an 80-percent increase in revenues to 18.2 billion reals (about
US$9.7 billion), the highest ever for the Rio-based firm.
Surging demand for
nickel also attributed to the company's growth, since it has become the world's
No. 2 nickel producer following its acquisition of Canada's nickel-mining
company Inco last year.
According to CVRD, the market has been favoring the
production of nickel, which is used for rechargeable cell phone batteries, and
the price of nickel has doubled since January 2006.
Xinhua
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