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Vale seeks to overturn order closing dams shutting 30M iron ore tons/year

Published 02/04/2019, 02:25 PM
© Reuters.  Vale seeks to overturn order closing dams shutting 30M iron ore tons/year
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  • Vale (VALE -4.3%) says a court order forbidding the continued use of some of its tailings dams will remove ~30M metric tons/year of iron ore production.
  • A court in Brazil's Minas Gerais state ordered the company to stop adding mining waste and halt any other activity that could increase the risk to the safety of eight of its dams, including three that already were closed because they are the same type of structure as the Brumadinho dam that burst last week.
  • Vale says it will take all legal measures necessary to overturn the decision, as the dams affected by the order have the correct licenses and documentation attesting to their stability and there is no technical reason that requires their closure.
  • Vale reportedly has halted production at its Brucutu mine, its largest mine in Minas Gerais.
  • Now read: Nucor (NYSE:NUE) Has The Right Mix, But Will The Market Cooperate?


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