Vale's profit falls 53% in Q3 on lower iron ore prices, higher costs

SAO PAULO, Oct 29 (Reuters) - Brazilian miner Vale reported on Thursday a 53% decline in its third-quarter net profit from a year earlier, hit by lower iron ore prices and higher costs, including freight.

Vale, one of the largest iron ore producers in the world, posted a $1.26 billion net profit for the July-September quarter, below the $1.70 billion expected by analysts in a Visible Alpha poll.

Iron ore output fell 6% to 88.4 million metric tons, missing the Visible Alpha consensus of 90.1 million tons, amid weaker results in Vale's Serra Norte complex.

The firm said it is confident that it will reach the lower end of its 2026 output projection, which ranges between 335 million tons and 345 million tons.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 24%, to land at $3.33 billion, compared to $3.50 billion from Visible Alpha consensus.