Vale stops using converted VLCC ships
Company has stopped using very large crude carrier (VLCC) ships converted into very large ore carriers (VLOC), following a final delivery to China on Sunday.
Company has stopped using very large crude carrier (VLCC) ships converted into very large ore carriers (VLOC), following a final delivery to China on Sunday.
Company has halted operations after pro-independence protests nearby, and that military forces are now guarding the evacuated plant.
Vale is urging a New York-based federal court to force the magnate to reveal all assets to enforce and so obtain the arbitration award.
The injection of billions of reais into funds are to be managed by the state government.
Communities will be offered employment, business opportunities, community investment, and environmental protection opportunities.
Project will deliver a net economic benefit to the state of up to A$174 million and create ongoing employment for 205 people.
The miner has lost billions of dollars with the operation, located next to the Goro deposit.
The hottest major commodity of 2020 is getting even hotter, with iron ore boosted by news that one of the world's biggest producers will not meet its output targets this year.
Company expects to produce 300-305 million tonnes this year, missing a previously lowered 2020 target of at least 310 million tonnes.
Vale foresees the extraction and processing of 107 million tonnes of iron ore in the project over the next 11 years