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Speaking in an earnings call with analysts, Eduardo Bartolomeo highlighted the value the company has been managing to extract from its base metals unit after carving it out.

Vale on Thursday reported a third quarter net profit decline but still landed above market forecasts.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $4.18 billion, below analysts’ estimates of $4.72 billion. Revenue came in at $10.62 billion, missing analysts’ expectations of $10.98 billion.

Over the quarter, the miner said its iron ore prices had averaged $105.10 per metric ton, up from the $92.60 per ton in the year-earlier quarter.

Last week, Vale said its iron ore output had dropped nearly 4% in the quarter due to a production snag at a key mine.

Earlier on Thursday, the miner said it will pay out about $2 billion to its shareholders, in addition to launching a new share buyback program.

Shares of the mining giant were up more than 3% in midday trading.