Sierra Leone woos miners to clean energy with $11 billion plan
Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.
Vale updated on Thursday its expenses outlook for 2021, saying it expects disbursements related to the Brumadinho dam disaster to reach $2.7 billion to $3.2 billion this year.
According to a securities filing, Vale also sees its financial expenses in 2021 at $0.8 billion to $1.1 billion, while its capital expenditure is expected to reach $5.4 billion and expenses with taxes are estimated at $3.8-billion to $4.2-billion.
In June, a Brazilian Labor Court ordered Vale to pay individual compensation of R$1million ($200,000) for moral damages to families of workers killed in the collapse of the Córrego do Feijão mine dam in Brumadinho, in 2019.
The disaster killed 270 people but the court action only benefits the families of 131 workers directly hired by Vale, which would result in a $26 million total payment.
The miner can still appeal the court decision.
The Brazilian Supreme Federal Court (STF) denied in February an order against a deal signed by Vale and the government of Minas Gerais for the reparation of the socio-economic and environmental damages caused by the dam collapse.
Under the terms of the deal, Vale will have to pay R$ 37.6 billion ($7bn) as compensation.
(With files from Reuters)
Comments