Last year, Vale achieved its best ever annual results and the largest net profit in the history of the mining industry (US$17.3 billion). The company achieved record operating revenue, operating profit, operating margin, cash flow and net profit.
2009 was a transition period, while 2010 was a year of strong recovery and notable performance. Two factors were fundamental to achieving these results: the initiatives we developed in 2009 in response to the global recession and the growth of the global economy, led by emerging economies.
Investment in projects, technology and sustainability
Vale invested US$12.7 billion to maintain existing assets and harness a range of organic growth opportunities. Six new projects were delivered. In addition, we invested US$6.7 billion in acquisitions, mainly involving fertilizer assets in Brazil. In all, our investment in 2010 amounted to US$19.4 billion, the highest in the global mining industry.
We invested US$737 million in environmental protection and conservation and US$399 million in social projects, adding up to US$1.136 billion spent on corporate social responsibility initiatives.
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