Vale reports Brazil state authorities freeze $765m of its assets
Brazilian state prosecutors and public defenders in the state of Minas Gerais have won a bid to freeze assets worth 2.95 billion reais ($765 million) belonging to Vale, which has been struggling since a lethal dam rupture at one of its mines, the company said in a filing on Monday.
According to the filing, the decision was based on ensuring compensation for those who may have suffered losses from the cessation of operations at Vale’s South Upper dam at Gongo Soco in Barão de Cocais.
“The company has not yet been formally notified of the decision and will take appropriate action within the legal deadline,” Vale said.
Vale has been dealing with a flurry of orders halting its mining operations at several sites after the rupture of one of its tailings dam in January that killed more than 300 people in the town of Brumadinho.
(By Gabriel Stargardter; Editing by Leslie Adler)
More News
Southern Copper says 20 injured in attack at Peru mining project
Images circulated on social media showed the Los Chancas mining camp in flames, reminiscent of a 2022 incident.
March 17, 2025 | 02:19 pm
PDAC 2025 JV Video: Exploration has reached its ‘ChatGPT moment,’ Vrify CEO says
“By placing advanced technology in the hands of geologists, Vrify empowers technical teams to make swift, data-driven decisions.”
March 17, 2025 | 02:13 pm
Baru Gold plunges after investment deals break down
Baru Gold has been looking to bring the Sangihe gold project, situated on the Indonesian island of the same name, into production.
March 17, 2025 | 02:05 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments