Mineração Vale Verde secures $140m for Serrote project in Brazil
The Serrote copper-gold project is now fully funded through to production.
The Serrote copper-gold project is now fully funded through to production.
Vale reported 4Q20 output of 84.5 million tonnes, a 5% decline from the third quarter.
The settlement is the biggest in Brazil's history, but does not include criminal actions, unknown damages, and individual rights.
Vale ended 2020 with 322 Mt of production capacity and expects to achieve 350 Mt capacity by the end of 2021.
According to the attorney general, the settlement is the biggest in Brazil's history, but does not include criminal actions.
Vale is still looking to return to a capacity of 400 million tonnes, which would see it regain the title of world’s biggest producer.
The parties have more time to reach a settlement over the 2019 Brumadinho disaster that killed some 270 people.
Noteholders accuse the miner of ignoring their requests to restructure their debt.
Rio Tinto Group improved its score but continued to be weighed down by explosions that damaged two Aboriginal Australian sites.
Brazil’s mining regulatory agency had ordered Vale to halt operations at Vargem Grande in 2019 to guarantee the stability of its dams.