Lumina Gold secures improved Ecuador terms with Cangrejos mining permit, analyst says
The contract includes $25 million in advance royalty payments to the government split into four stages.
The Brazilian city of Itaguaí has fined a subsidiary of miner Vale over alleged lack of compliance with environment regulations, according to a statement from local authorities on Thursday.
Companhia Portuária Baía de Sepetiba (CPBS), Vale’s port subsidiary, was fined 2.3 million reais ($430,348) after an inspection, the statement said.
Vale, which did not have an immediate comment, has been managing the terminal since 2002, the statement said.
The authorities said they inspected the iron ore and solid bulk terminal on Madeira island, which has an estimated loading capacity of 25,000 tonnes of iron ore per hour. The ore comes from Minas Gerais state by rail, authorities said.
The statement mentioned some 17 irregularities, including an operating license that was expired for about nine years.
Last week, the environmental agency of Brazil’s Rio de Janeiro state allowed Vale’s iron ore terminal in Mangaratiba to reopen after closing it briefly over lack of a required operating permit.
ATP, an association representing private port operators, said on Thursday that Rio de Janeiro authorities’ decisions to close, suspend and fine the terminals in Itaguaí and Mangaratiba were “arbitrary.”
In a statement, ATP said the accusations against the private port terminals are unfounded and could generate “big losses.”
($1 = 5.3445 reais)
(By Rodrigo Viga, Roberto Samora and Ana Mano; Editing by Jason Neely and Paul Simao)
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