However, the company said it remains committed to having a presence in Greece and has budgeted $155 million in development spending at the Olympias project.
The suspension of activities at Vale's Port of Tubarão, ordered by a Brazilian federal court on Thursday, is likely to cause strong reaction in the global iron ore market.
The asset writedown is primarily related to two Latin American assets — Pascua Lama project, on the border of Chile and Argentina and Pueblo Viejo, in Dominican Republic.