Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
A Brazilian state court has authorized iron ore miner Vale SA to resume operations at the Brucutu mine, its largest in Minas Gerais state, according to a court document.
Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst in the town of Brumadinho, killing hundreds of people.
Vale had been authorized by the state in early March to resume operations, but an injunction blocked the resumption. Now the state court of Minas Gerais gave the final nod to resume production at Brucutu.
Officials in the city of Sao Gonçalo do Rio Abaixo, where Brucutu is located, said earlier on Tuesday that Vale had been authorized to resume operations.
Vale shares accelerated gains after the news and were up 3.1 percent at 52.91 reais in mid-afternoon trading.
(By Marta Nogueira and Luciano Costa; Editing by G Crosse)
