Japan’s Mitsui trims FY profit outlook, to keep stake in Vale
"Vale is an important strategic partner"
"Vale is an important strategic partner"
The argument is being harshly criticized by experts and locals, who believe the law-enforced audible could have saved lives.
The financial penalties related to the dam collapse may prove even larger than those for Samarco.
The loss of about 40 million tonnes of annual supply is expected to boost demand for Australian ore.
Funds expected to be used as compensation for the victims of last week’s tailing burst, which killed at least 99 people.
Vale said it plans to release its fourth quarter earnings report on March 27 rather than Feb. 13 as originally planned.
Brazilian authorities and companies involved with river water management are trying to stop the torrent of mining waste from reaching the Sao Francisco river, a source of drinking water for communities in five of the country's 26 states.
Chief Executive Fabio Schvartsman said Vale would halt operations using those dams and spend 5 billion reais ($1.3 billion) to decommission them.
The International Coalition of Large Dams (ICOLD) group "is recommending that dams, especially large dams, be built by dam professionals.
Two other engineers, who worked for Germany’s TUEV SUED on a contract where they attested to the safety of the Vale dam, were arrested in Sao Paulo.