By Paul Kiernan 

RIO DE JANEIRO--Brazilian mining giant Vale SA reported a net loss in 2014 as iron-ore prices fell by nearly half, the local currency weakened and impairment charges continued to haunt the company.

Vale, the world's largest iron-ore producer, reported a fourth-quarter loss of $1.85 billion, compared with a loss of $6.45 billion in the last three months of 2013.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, tumbled by two-thirds from the fourth quarter a year earlier to $2.19 billion.

Vale's sales fell 31% on the year to $9.07 billion.

Write to Paul Kiernan at paul.kiernan@wsj.com

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