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.
The asset writedown is primarily related to two Latin American assets — Pascua Lama project, on the border of Chile and Argentina and Pueblo Viejo, in Dominican Republic.
Last year, the CRA slapped the company with a fine and ordered the miner to pay more than $200 million in back taxes, but the firm objected the decision.
Mexico’s biggest copper producer is leveraging its relatively low debt and strong profit margins to invest more than $4.6 billion expanding some of its mines.