Samarco Profits Double

Net profits at Samarco, the world’s second-largest exporter of iron ore pellets, surged 103% to $207 million in 2004, more than twice its 2003 net of $102 million last year. Gross sales increased 28% to $641 million up from $500 million in 2003. Production volume rose 4% to 25.2 million tons. Samarco is planning $750 million in investments. The Belo Horizonte-based company is a 50-50 joint venture between Australia’s BHP Billiton and Companhia Vale do Rio Doce.