Vale generates profits even given the decline in iron ore prices, owing to its low-cost production.
We have slightly raised our 2016 price forecasts for iron ore and metallurgical coal based on higher-than-expected prices realized so far this year, but our long-term bearish outlook for the commodities is unchanged. The higher near-term cash flows for 2016, which carry more weight than later cash flows in our valuation model, lead us to slightly increase our fair value estimates across our mining coverage.Our fair value estimate for Vale increases to $2.50 per share from $2.30; Teck Resources...
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