CVDR third-quarter revenues increase to $8.1 billion

Companhia Vale do Rio Doce (CVRD), the Brazilian diversified metals and mining group, recorded increased revenues of $8.1 billion in the third quarter of 2007, a $732m rise on the same period of 2006.

The figure is, however, $775 million lower than in the second quarter of 2007, owing to a decline in revenues from nickel sales.

These revenues decreased $1.2 billion in the third quarter, as compared with the second quarter of 2007.

Nickel prices rose sharply to nearly $25 lb in May of this year, but the metal is currently trading at around $14.27 lb.

Taking the year so far, CVRD’s net earnings for the nine months to the end of September have increased an astounding 77%, to $9.9 billion.

The group, which has $11 billion committed to its project pipeline for 2008, is a significant producer of copper and aluminum.

It plans to spend $78 million on its copper project at Salobo; $97 million on the Vermelho nickel project; $658 million on the Onça Puma nickel project and $938 million on the Goro nickel project in New Caledonia, the South Pacific island.

CVRD stock has increased hugely in value over the past 12 months, with the price rising nearly 200%.