Vale Reports $1 Billion Write-Down of Coal Assets

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.