Iron ore price rebounds on improving steel margins, falling portside stocks
Stimulus hopes in top consumer China also supported market gains.
Britain’s Local Authority Pension Fund forum said on Tuesday it was engaging with mining firms Vale and BHP following the Brumadinho and Samarco dam collapses in Brazil, but was “dismayed” at the slow pace of help for the communities.
“Over the last three years, LAPFF has engaged with Vale and BHP in the wake of both the Brumadinho and Samarco dam collapses and continues to be dismayed at the lack of progress in addressing the needs of affected community members,” investor LAPFF said in a statement.
Brazil’s Vale said last week it expected to spend about 9 billion reais ($1.64 billion) in 2022 on reparations related to the Brumadinho dam burst. That amount does not include the figure the company will spend in individual compensations, which are being negotiated.
($1 = 5.4875 reais)
(By Carolyn Cohn; Editing by Saikat Chatterjee)
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