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.
Brazilian iron ore miner Vale will spend 1.8 billion reais ($469 million) on safety and environmental recovery measures for the structures that remain standing near its Brumadinho dam that collapsed five months ago, killing nearly 250 people, an executive said on Wednesday.
The spending measures, announced by Vale’s recovery and development director Marcelo Klein, will be in addition to the $4.5 billion the miner has already provisioned for costs related to the dam burst.
($1 = 3.8371 reais)
(By Marta Nogueira; Editing by Chizu Nomiyama)
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