farmboy
(Vale) "We saw a drop in the net income of about $2.9 billion in the quarter mainly driven by a non-cash impact of the depreciation of the Brazilian real against U.S. dollar."
Do I have this back to front. If Vale like all the other major miners earns its revenue in USD, wouldn't the depreciation of the Real against the USD be a benefit to its bottom line? The way I calculate it, an appreciating Real would reduce the amount of net revenue, after conversion from USD to Real.
Flip
farmboy (Vale) "We saw a drop in the net income of about $2.9...
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