Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Vale has stopped using very large crude carrier (VLCC) ships converted into very large ore carriers (VLOC), following a final delivery to China on Sunday, according to a securities filing on Monday.
Vale had said in January it would stop using the converted ships, opting instead for long-term contracts using more modern Valemax and Guaibamax ships.
A host of faults have been detected on VLCC ships in recent years including the sinking of the Stellar Daisy with the loss of 22 lives and 260,000 tonnes of iron ore three years ago.
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