On 2Q19, the Ferrous Minerals EBITDA totaled US$ 4.2 billion, US$ 621 million higher than 1Q19.
Base Metals EBITDA totaled US$ 465 million in 2Q19, US$ 40 million lower than 1Q19, mainly as a result of lower copper prices, as well as lower VNC (Vale at New Caledonia) production resulting in lower fixed cost dilution.
Our cash generation of US$ 2.2 billion in 2Q19 enabled us to resume our trajectory of debt reduction and strengthened our balance sheet further. Consequently, our net debt decreased from US$ 12.0 billion in 1Q19 to US$ 9.7 billion in 2Q19.