Indonesia’s state miner agrees on price scheme to acquire Vale unit
Mining Industry Indonesia will use the average stock price for the past 12 months to acquire a 20% stake in Vale Indonesia.
Mining Industry Indonesia will use the average stock price for the past 12 months to acquire a 20% stake in Vale Indonesia.
Fabio Schvartsman is the highest-profile executive facing criminal charges for Brazil’s worst environmental disaster.
In an industry beset with tight margins, such cost hikes are not ideal.
Latest resource update features measured and indicated resources of 54.9 million tonnes grading 1.75 g/t gold for a total of 3.1 million oz.
The announcement comes almost a year after the incident.
Vale cited the need to do a technical evaluation and potentially carry out work to improve safety at the site.
The police probe is one of several parallel investigations into the causes of the dam's collapse, which killed at least 255 people just under a year ago.
Vale is a majority owner in Aliança Energia with a 55% stake.
Prosecutors expect to indict 15 to 20 people.
The transaction is expected to be concluded in the first quarter of 2020.