Vale’s CEO, other execs, to step down after Brazil dam burst
The company described the move as 'temporary.'
The company described the move as 'temporary.'
Vale will be on the hook for about $7.2 billion should Brazil’s government fine the company 20% of annual revenue.
The company and its workers are under investigation for criminal responsibility for "qualified homicides."
The Vancouver-based firm exceeded the high end of its increased 2018 guidance of 19,000 ounces.
The decision was made in light of a possible failure of five dams at both complexes, which are located in Minas Gerais, the same state where the Feijão mine dam collapsed last month.
All so-called upstream dams need to be decommissioned or removed by August, 2021, according to a resolution the National Mining Agency published on Monday.
The tailings dam at the iron ore mine is inactive so the miner said the evacuation is precautionary.
The majority of material from the Malaysian distribution center is Brazilian Blend fines destined for China.
The disaster has called into question the willingness of investors and lenders to continue funding the broader industry.