Lithium Ionic advances project financing with LOI for $266m
The funding represents 100% of the capital expenditure outlined in a May 2024 feasibility study.
Brazilian miner Vale said on Wednesday it is testing short-term alternatives to tailings dams which, if proved viable, would allow it to boost its Brucutu mine to 80% capacity from 40% at present.
In a securities filing, Vale said that if the alternatives were not effective, 2020 iron ore production, most recently forecast at between 340 million tonnes and 355 million tonnes, may be impacted.
In February, Vale had reduced iron ore output estimates for the first quarter by 63 million to 68 million tonnes given problems at the Brucutu mine, its largest in Minas Gerais state.
Operations at Brucutu, with an annual capacity of 30 million tonnes, have been halted at various times over the past year amid growing pressure on the company to reduce the risk of another accident following the fatal collapse of its tailings dam at Brumadinho last January.
(By Luciano Costa and Ana Mano; Editing by Louise Heavens and Jonathan Oatis)
Comments