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Vale misses the mark

Higher iron ore prices, a fall in net debt and free cash flow of US$2.4 billion were not enough to satisfy Vale (US:VALE) shareholders, with its stock dropping following the publication of its March quarter results.

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The ramp up of the 90Mtpa S11D project should improve Vale’s competitive position in the iron ore market

A week after reporting record March quarter production, the Rio de Janeiro-based company got a negative reaction to the accompanying financials.

Net income came in at $2.