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Vale swings to vicious financial loss

Iron ore major Vale has reported a gargantuan loss in 2015, highlighting the continued effects of the commodity price downturn.

Vale swings to vicious financial loss Vale swings to vicious financial loss Vale swings to vicious financial loss Vale swings to vicious financial loss Vale swings to vicious financial loss

Vale is hoping its S11D project in Para, Brazil, brings down its cost base further

The company posted an annual loss of US$12.1 billion in 2015, compared with a profit of $657 million in 2014, after taking $9.4 billion worth of write-downs in the period.