Brazil court convicts Vale for damages caused by deadly dam rupture
Judge Elton Pupo Nogueira ruled that Vale is responsible for fixing all the damages, although he did not set a monetary value for compensation.
Judge Elton Pupo Nogueira ruled that Vale is responsible for fixing all the damages, although he did not set a monetary value for compensation.
The company forecasts gold-equivalent ounces sold to be between 63,000 and 70,000 ounces this year.
Vale’s attempt to reduce costs resulted in heightened tolerance for risks, according to the report.
Analysts who met with Vale’s executives earlier this month believe that dividends are likely to be reinstated in 2020.
The spending measures will be in addition to the $4.5 billion the miner has already provisioned for costs related to the dam burst.
Wet processing at Brucutu was suspended in early February at the request of local prosecutors following the tailings dam disaster at Brumadinho, which left 243 dead.
The new railway would stretch for 400 kilometers (248.5 miles) from the current Carajas railroad to Vila do Conde port.
Court doubled the fine applied against the company to 200,000 Real ($52K) for each day it kept the nickel complex open, despite a February ruling that ordered the full suspension of operations at the site.
Top iron ore miner Vale SA expects to soon restore 20 million tonnes of yearly capacity at its Brucutu mine in Brazil, according to analysts.
Vale said on Thursday that it expects to reach global settlements covering economic and environmental damages from the January collapse of its Brumadinho tailings dam by late this year or in 2020.