Vale shares shed $17 billion as iron ore slump foils turnaround
The miner has lost its rank as Brazil’s third-largest publicly traded company.
NEW YORK, Dec 6 (Reuters) – Brazilian miner Vale’s chief executive said on Wednesday he does not expect iron ore prices to be much lower next year compared with 2017.
Speaking at an investors’ event in New York, Fabio Schvartsman also said the company would do everything to resume operations as soon as possible at the Samarco mine, a joint venture with BHP Billiton that has been closed since a tailings dam collapsed in 2015, killing 19 people.
(Reporting by Christian Plumb; Editing by Susan Thomas)
