Vale says iron ore mining costs to fall with new mine

miércoles 30 de abril de 2014 13:30 GYT

RIO DE JANEIRO, April 30 (Reuters) - Brazilian miner Vale expects its iron ore mining costs to fall from $22 a ton after the S11D, or Serra Azul, mine expansion in the Amazon opens, Chief Executive Officer Murilo Ferreira said on a Wednesday conference call to discuss first-quarter earnings.

The company's profit fell by nearly a fifth from a year ago as iron ore prices fell, and executives on the call said Vale had overestimated expected ore prices for the quarter. (Reporting by Jeb Blount; Editing by Bernard Orr)