Vale starts work on eliminating another upstream dam
The new effort will focus on eliminating a dike from its Barragem 5 dam at the Aguas Claras mine, located in the Minas Gerais city of Nova Lima.
The new effort will focus on eliminating a dike from its Barragem 5 dam at the Aguas Claras mine, located in the Minas Gerais city of Nova Lima.
The miner sold 53.6 million tonnes of iron ore in the quarter, down 9.6% year-on-year.
The short-term scenario is good for commodities, but in the medium term, a correction will be necessary, said Jose Carlos Martins.
The plant will use technology that reduces the carbon footprint of traditional steelmaking production processes.
The assets, worth about $1.2 billion, include Mineracao Corumbaense, Mineracao Mato Grosso, International Iron Company and Transbarge Navegacion ventures.
The companies, which produce iron ore and manganese ore, accounted for $110 million in adjusted EBITDA in 2021.
The deal is one of several the electric vehicles giant has forged over the last year to secure supply of battery metals.
The collapse of a tailings dam at Vale's Corrego do Feijao mine in Brumadinho released a mudflow that killed 270 people in January 2019.
The deal came after more than two years of talks, Vale said in a securities filing.
The royalty relates to certain properties at the Valentine project initially granted to Reid Newfoundland Company Ltd. in the early part of the last century.
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