(MENAFN) Vale, Brazil's mining giant and the world's largest ore producer, logged a net loss in the third quarter due to a decline in the iron-ore prices, Oman Observer reported.
In the July-September period of 2014, Vale recorded net losses of USD1.44 billion, revising down from a net profit of USD3.5 billion registered in the same period last year.
The company registered record production of iron ore, with 85.7 million tons produced in the period, but Vale's chief financial officer said profits suffered due to slumping sales.
While increased volumes yielded a positive impact, cash flow generation dropped from USD4.1 billion to USD3 billion, dragged down by lower sales, the chief financial officer said.
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