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The iron ore rises by the limit! Vale will shut down 10 dams affecting 40 million tons of iron ore a year

iconJan 30, 2019 08:11

SMM News: today's opening, iron ore futures rose at the beginning of the limit, this week has risen 10 per cent. Thread hot coil affected by linkage, an increase of nearly 1.5%.

The company will unswervingly stop operations at 10 dams such as the Brumadinho dam over the next three years. The rectification is expected to cost nearly $1.1 billion.

The decision will affect 40 million tons of iron ore a year, including 11 million iron ore pellets.

Follow-up:

Mining giant Vale confirmed on Tuesday that it had arrested several employees as the death toll continued to rise after the collapse of a mine dam owned by a company in southeastern Brazil. The Brazilian company faces criminal charges and pressure to conduct a thorough review of its management after the deadly dam damage at the Corrego do Feijao mine near the city of Brumadio. The death toll has been confirmed at 65 and the authorities are concerned that the number of casualties may exceed 300.

Despite a series of negative news, Vale's US-listed shares rose about 4 per cent on Tuesday. Prices tumbled nearly 25 per cent from Friday to Monday after several cautious downgrades by investment banks.

"what is the impact of Vale's two accidents in three years, just 60 miles from the iron ore supply?

Ongoing updates.

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