Vale keeps feeding iron ore glut, but misses estimate
The surprise quarterly output decline offers some relief from a global glut of the steel-making ingredient that’s killing smaller competitors.
The surprise quarterly output decline offers some relief from a global glut of the steel-making ingredient that’s killing smaller competitors.
The ruling seeks to ensure payment of damages related to a deadly dam rupture at a jointly owned iron ore mine in early November.
The company has now at least 60 days to come up with a plan to address and fix pollution problems tied to its operations Tubarão, one of Vale's most important ports.
The suspension of activities at Vale's Port of Tubarão, ordered by a Brazilian federal court on Thursday, is likely to cause strong reaction in the global iron ore market.
Two of the largest mining companies in the world are being held to account by the Brazilian government over a massive tailings dam rupture.
Stanmore Coal said it would employ 150 workers when the mine reopens in 2016; half the workforce in place when it closed last year.
Federal government, two states sue iron ore giants over devastation from dam burst that washed mud 600km down Brazil's second largest river system.
Company confirms that the Institute for Water Management in Minas Gerais (IGAM) found levels of arsenic, lead and other toxic elements many times higher than the legal maximums along the river.
The miner is likely to cut its iron ore output target for the year from 376 million tonnes to 355 mt, says independent investment bank BTG Pactual.
Rio Tinto said Vale conspired to "steal" the Australian giant's massive Simandou concession in Guinea.