Profits at the world's top iron ore producer, Brazilian mining giant Vale, dived 89.2 per cent to $US584 million ($A653.28 million) in 2013, the firm said Wednesday.
The company also posted a net loss that more than doubled in the fourth quarter of 2013 from the previous year, from $US2.615 billion ($A2.93 billion) to $US6.451 billion ($A7.22 billion).
Vale did, however, report record production of iron ore, copper ore, copper, gold and coal. But it said profit was hit hard by a series of "non-recurring events," including increased costs and currency woes.
"The result is positive even after all the non-recurring events, demonstrating the quality of our assets and operations that have been able to absorb the impact," the company said in a note to markets.
Vale had reported a full-year net profit of $US5.454 billion ($A6.10 billion) in 2012.
In December, Vale announced it planned to cut investments for the third year in a row, down to $US14.8 billion ($A16.56 billion) in 2014.
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