Vale S.A. - VALE.n

Vale S.A. - VALE.n is a Brazilian multinational diversified metals and mining corporation that employs over 12,000 people at operations in Canada, the United States, Indonesia, Asia, New Caledonia, United Kingdom and Brazil.

Vale is the second-largest mining company in the world, the largest producer of iron ore, and second largest of nickel. Vale also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, alumina and aluminium.

On April 24, 2013 the company released Q1 Numbers

"Vale S.A. (Vale) had a solid financial performance in the first quarter of 2013 (1Q13), showing sequential increases in operating income, operating margin, earnings and cash generation. Operating income, at US$ 4.2 billion, was 41.4% higher than in 4Q12, while operating margin surged to 38.0%, 1,400 basis points higher than the previous quarter. Underlying earnings were US$ 3.2 billion, US$ 1.2 billion above last quarter. Cash generation, measured by adjusted EBITDA, was 18.1% higher, reaching US$ 5.2 billion. It was second only to the figure for a 1Q in 2011, when iron ore, nickel and copper prices peaked on the back of the sharp recovery from the Great Recession of 2008-2009.

It is worthwhile to notice that out of the US$ 1.9 billion cash received in 1Q13 as part of the gold streaming transaction – which has unlocked substantial value hidden in our base metals assets – only US$ 244 million was accrued as adjusted EBITDA due to accounting rules.