1.   CVRD competes mainly with Australian mining companies for iron ore sales in Asia and Europe.

2.   The Rio de Janeiro-based company competes with Australian companies for iron ore sales in Asia and Europe.

3.   A decline in average metal prices and unfavourable exchange rates coincided with reduced iron ore sales from Australia to Japan and Europe, he said.

4.   Davis said the result was good and was driven by improved production volumes, reduced costs and record iron ore sales and productions.