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Brazilian mining giant Vale quadrupled profits in 2021

AFP

Brazilian mining giant Vale on Thursday reported a net profit of $22.4 billion in 2021, nearly four times higher than the previous year, which it said was driven by a sharp rise in the price of iron ore, among other factors.

In addition to the 360 percent increase in net profit over 2020, the company indicated a net profit of $5.4 billion in the fourth quarter.

In the same quarter of 2020, Vale posted a net profit of only $739 million, as it struggled to recover from the 2019 collapse of a mine-waste dam in Brumadinho, in southeastern Brazil, which killed 270 people.

Vale’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $31.3 billion in 2021, an increase of 79 percent over the previous year.

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“In a year still marked by the persistent effects of the Covid-19 pandemic and market volatility, we were able to deliver significant achievements in creating sustainable value to all our stakeholders,” CEO Eduardo Bartolomeo said.

The company attributed the positive numbers to higher iron ore prices following an increase in global demand.

Last year the average price of iron ore sold by Vale was 46.5 percent higher than in 2020, although in the fourth quarter prices fell due to cuts in steel production in China, which impacted demand.

Additionally, iron ore production increased by 5.1 percent compared to 2020.

Vale announced that it will pay some $3.5 billion in dividends to its shareholders in March.

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International

UN warns Venezuela earthquakes could affect up to 6.76 million people

Up to 6.76 million people could be affected by the devastating earthquakes that struck Venezuela on June 24, according to an assessment released by the International Organization for Migration (IOM), a United Nations agency.

The organization said the projections are based on available population data and damage assessments, and include up to two million people living in Caracas, the country’s capital.

The estimates highlight the potentially massive humanitarian impact of the disaster, the IOM warned.

Entire buildings collapsed in La Guaira, a coastal area north of Caracas, following the powerful twin earthquakes that reached magnitudes of 7.2 and 7.5 on Wednesday.

The national death toll has risen to 920, while rescue teams continue searching for people trapped beneath the rubble in coastal regions and other affected areas.

UN humanitarian chief Tom Fletcher told AFP on Friday that more than 50,000 people were reported missing.

The IOM also revealed that it worked with Microsoft’s artificial intelligence laboratory on an initial satellite mapping analysis, which showed that 31.5% of buildings in the town of Catia La Mar had suffered damage.

Authorities and international rescue teams continue operations as Venezuela faces one of its largest humanitarian emergencies in recent years.

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International

United Nations Coordinates Relief Efforts as Venezuela Death Toll Rises After Twin Quakes

United Nations Secretary-General António Guterres on Thursday expressed his condolences to the people of Venezuela following the two devastating earthquakes that struck the country and highlighted the ongoing coordination between UN humanitarian teams and interim President Delcy Rodríguez.

Speaking during the UN’s daily press briefing, spokesperson Stéphane Dujarric said Guterres was deeply saddened by the loss of life and widespread destruction caused by the disaster.

“The Secretary-General is deeply distressed by the loss of life and the widespread devastation caused by the earthquakes that struck Venezuela yesterday. He extends his heartfelt condolences to the families of the victims and wishes a speedy recovery to those injured,” Dujarric stated.

Venezuela was struck on Wednesday by two powerful earthquakes measuring 7.2 and 7.5 in magnitude. According to official figures, the disaster has left at least 164 people dead and 971 others injured.

Dujarric noted that preliminary reports indicate significant damage across several states, including the capital, Caracas. Numerous casualties have been reported, while other individuals remain trapped beneath collapsed structures or are still missing.

“Critical infrastructure has been damaged and essential services have been disrupted,” the spokesperson said.

The United Nations confirmed that its humanitarian team remains in close contact with interim President Delcy Rodríguez and other relevant authorities as emergency operations continue.

To support relief efforts, the UN has established a coordination center in Caracas and is assisting local authorities to ensure that humanitarian aid reaches affected communities as quickly and efficiently as possible.

Guterres also welcomed the expressions of solidarity and offers of assistance from countries around the world that responded following news of the disaster, underscoring the importance of international cooperation in addressing the humanitarian emergency.

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International

OAS Secretary General Pledges Regional Assistance Following Venezuela Quake Disaster

The Secretary General of the Organization of American States (OAS), Albert Ramdin, said on Thursday that the “hemispheric community” stands ready to provide “full support” to Venezuela and its people following the powerful earthquakes that struck the country overnight, leaving at least 164 people dead and nearly 1,000 injured.

Speaking at the conclusion of the OAS General Assembly, Ramdin expressed solidarity not only with Venezuela but also with Colombia, Curaçao and Aruba, where the tremors were also felt.

“Above all, our thoughts are with these peoples,” he said during his remarks.

Ramdin noted that while many details about the disaster are still emerging, countries across the hemisphere are prepared to assist Venezuela as it responds to the crisis.

“Much remains unknown at this stage, but the hemispheric community will be ready to support the people of Venezuela during this very difficult time,” he stated, reiterating the organization’s commitment to helping those affected.

According to updated information released by the Venezuelan government, the powerful earthquakes have been followed by at least 30 aftershocks. Authorities have also reported extensive structural damage, including numerous building collapses in La Guaira, the area considered hardest hit by the disaster.

Rescue efforts are currently focused on La Guaira, where emergency teams continue searching for survivors trapped beneath the rubble as officials assess the full extent of the damage.

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