Vale may offer clues on what direction iron ore markets are heading
The miner has 2021 production guidance of 315 million to 335 million tonnes, with BI analysts assuming it reaches the low end of that range.
The miner has 2021 production guidance of 315 million to 335 million tonnes, with BI analysts assuming it reaches the low end of that range.
According to a report from the NGO Finnwatch, Vale operations generated deforestation and polluted the Cateté river.
The world’s second-largest producer of iron ore continues to weigh up the pros and cons of forming a separate company with its copper and nickel mines in Canada, Brazil and Indonesia.
A state agency had suspended its operating license due to an alleged non-compliance with local regulations.
It said part of the problem was the value of the business, which brings in $3.5 billion in revenue a year.
Eduardo Bartolomeo said his own remuneration package now sets targets for safety and sustainability, with 20% of his long-term compensation associated with ESG goals.
Prosecutors allege that the companies have not fulfilled the obligations outlined in a settlement agreed in 2018.
The Brazilian mine accounts for half Vale's copper production – engineers hope to resume output end of October.
The impact of the measure on production is still under evaluation.
A handful of Wall Street analysts have also ditched their buy-equivalent recommendations for Vale.