Brazil’s Vale, the world’s largest iron ore producer, posted a record quarterly profit as mineral prices and sales of metals including copper and nickel surged. Net income increased to 6.83 billion USD from 1.6 billion, in the year-ago period, Vale announced Thursday in a regulatory filing.
German President Christian Wulff is in Brazil on a three-day visit aimed at strengthening ties between the two countries and discussing mutual co-operation in science and technology.
Argentina's Eskenazi family has agreed to pay 1.3 billion US dollars to buy an additional 10% in YPF, the Argentine unit of Repsol, the Spanish oil company said on Wednesday.
Rockhopper Exploration has spudded the next appraisal well on the Sea Lion oil discovery in the Falkland Islands’ waters. Drilling began on the 14/10-5 appraisal well on May first 2011.
Argos Resources is a step closer to starting a drill campaign in Falkland Islands waters, where it is targeting a high priority area adjacent to Rockhopper’s Sea Lion discovery.
Boeing forecasts that air carriers in Latin America will require 2,180 new airplanes worth approximately 210 billion US dollars over the next 20 years as air travel in the region out paces the world average.
Petrobras announced the increased investment plans for the emerging Santos basin pre-salt assets, earmarking 73 billion US dollars for the 2011-2015 period. The vast sum is a 63% increase compared with the company’s 2010-2014 plan said a company statement.
Chile's LAN Airlines group plans to spend around 4.6 billion US dollars on its fleet of aircraft through 2014, Chief Financial Officer Alejandro de la Fuente announced.
Brazil giant mining corporation Vale SA, in which the government has a dominating stake position, agreed to buy a stake in a controversial hydro-power project in the Amazon and invest about 2.3 billion Real (1.5 billion USD).
Argentina said on Wednesday it will restrict foreign ownership of farmland. President Cristina Fernández de Kirchner made the announcement during a televised speech at Government House saying she was sending a bill to Congress which will cap land ownership for foreigners.