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    coal investing

    Vale Reports $1 Billion Write-Down of Coal Assets

    Investing News Network
    Feb. 28, 2013 11:30AM PST
    Industrial Metals

    The Sydney Morning Herald reported that Vale announced a $ 1 billion write-down linked to Australian coal mines and blamed weak coal prices

    The Sydney Morning Herald reported that Vale announced a $ 1 billion write-down linked to Australian coal mines and blamed weak coal prices.

    As quoted in the market report:

    On Wednesday, Sao Paulo time, Vale reported a net loss for the December quarter and a 76 per cent slump in net earnings to $US5.5 billion in 2012, dragged down by $US5.7 billion in impairments, including the charge against the Australian coal assets that were bought from AMCI for $835 million plus net debt.

    To view the whole Sydney Morning Herald report, click here.

    coal investing
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