The infractions include not implementing measures to control emissions, altering the natural habitat for native wildlife, and operating a tailings dam in an unauthorized fashion.
Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.
The recent surge in prices of gold, oil and other commodities has come prematurely, says the bank, arguing that lower prices are needed for markets to rebalance.