Brazil's Vale posts 50% decline in quarterly profit

SAO PAULO, July 28 (Reuters) - Brazilian miner Vale SA VALE3.SA said on Thursday its second-quarter recurring net income fell 49.8% from the previous year, hit mainly by the sharp decline in iron ore prices.

Vale, one of the world's largest iron ore miners, posted recurring net income of $4.09 billion, compared with $8.14 billion the previous year.