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.
Brazilian iron ore miner Vale will spend 1.8 billion reais ($469 million) on safety and environmental recovery measures for the structures that remain standing near its Brumadinho dam that collapsed five months ago, killing nearly 250 people, an executive said on Wednesday.
The spending measures, announced by Vale’s recovery and development director Marcelo Klein, will be in addition to the $4.5 billion the miner has already provisioned for costs related to the dam burst.
($1 = 3.8371 reais)
(By Marta Nogueira; Editing by Chizu Nomiyama)
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