Vale resumes operations at Salobo copper mine
It expects to ramp up its copper concentrate output in Salobo by Oct. 25.
It expects to ramp up its copper concentrate output in Salobo by Oct. 25.
The Brazilian mining giant churned out 89.4 million tonnes in the third quarter compared with the 87.3 million tonne average analyst estimate.
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.
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