BHP denies it has agreed to sell Samarco stake to Vale
Brazilian newspaper had claimed BHP was selling its stake in the Samarco iron ore mine to its partner Vale.
Brazilian newspaper had claimed BHP was selling its stake in the Samarco iron ore mine to its partner Vale.
Shareholders of Brazil's Vale SA approved a share conversion plan on Tuesday in a move that should boost transparency, give equal votes to all shares and limit government meddling in the world's No. 1 iron ore producer.
A second vessel contracted to haul iron ore for Brazilian miner Vale SA was delayed for repairs following the loss of a similar ship that mysteriously sank en route to China leaving 22 people presumed dead.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
Fabio Schvartsman will lead the transition of the world’s largest iron ore miner into a new shareholding structure.
The Stobie mine in Sudbury began in 1890.
The world's No.1 iron-ore producer recorded a net profit of $3.98 billion in 2016, a significant recovery from a loss of $12.13 billion it reported a year earlier.
The world’s No.1 iron ore miner produced 349 million tonnes of the steelmaking ingredient in 2016, helped partly by the opening of its massive S11D mine.