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UPDATE 1-Brazilian miner Vale's quarterly loss more than doubles
February 26, 2014 / 10:41 PM / 4 years ago

UPDATE 1-Brazilian miner Vale's quarterly loss more than doubles

RIO DE JANEIRO, Feb 26 (Reuters) - Vale SA, the world’s No. 3 mining company by market value, said on Wednesday its net loss more than doubled in the fourth quarter of 2013 from a year earlier after it took a charge for an income-tax settlement with the Brazilian government.

The company posted a net loss of $6.45 billion in the fourth quarter, more than the $3.83 billion loss forecast in a Reuters poll of seven analysts.

Vale also said in a securities filing that it recorded a full-year net profit of $584 million in 2013.

Vale paid about $2.5 billion of the disputed taxes on overseas operations in November. It will pay the rest in 179 monthly payments.

The company agreed to pay after taking advantage of a Brazilian government program that cut its total liability by more than half to about $10 billion. Despite that payment, Vale disputes the grounds for the tax assessment and hopes to obtain a rebate if the government decision is overturned by Brazil’s Supreme Court.

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