Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Vale (NYSE: VALE) has agreed to pay 527 million reais ($106m) in compensation to residents of Barão de Cocais, a town in Minas Gerais state, where residents were forced to evacuate due to risks of a tailings dam rupture.
In 2019, a portion of the town’s population close to the Sul Superior dam, at Vale’s Gongo Soco mine, was evacuated.
“The accord includes programs related to income, retraining in tourism and culture, strengthening of municipal public services and demands of the affected communities,” Vale said in a statement.
“An independent technical audit will be hired to monitor the results of the agreement, as well as independent technical assistance to help affected communities select, format, and present projects,” it added.
The Sul Superior dam has been inactive since 2008. It is permanently monitored and the completion of decommissioning of the dam, built in 1982, is scheduled for 2029.
