The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Brazil Mining News
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.
Governments, industry players, unions expected to sign federal mining agreement this week, which aims to double investment in the sector to $25bn in eight years.
And why the worst may be over already.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
Another gap down Monday brings one-month drop to 30%.
The company's Volta Grande project is posed to become the country's largest gold mine.
In addition to raising costs for miners and delaying certain projects, the focus on the amount of water used by the extraction industry in the region will boost social pressure and anti-mining sentiment, experts say.
The Stellar Daisy, which set out from the a port in Brazil to China, last made contact on Friday. 22 out of the 24 crew members are still unaccounted for.
Iron ore price down 12% in two weeks – Rio Tinto says Chinese domestic reboot is "main source of uncertainty" for the market.
Fabio Schvartsman will lead the transition of the world’s largest iron ore miner into a new shareholding structure.
Vale said the US District Court for the Southern District of New York annulled the majority of a class action lawsuit against the company and executives over the 2015 deadly accident.
Deal would make of Volcan Investments Ltd., Agarwal's family trust, the second-largest investor in Anglo American.
He joins a growing list of chairmen who are leaving some of the world's' top mining companies, including BHP Billiton and Anglo American.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
The world's No.1 iron-ore producer recorded a net profit of $3.98 billion in 2016, a significant recovery from a loss of $12.13 billion it reported a year earlier.
The world's number five diversified miner posted its first annual net profit in five years.
Belo Sun Mining Corp. has awarded FLSmidth the first phase of an EPC contract for the Volta Grande gold mine processing plant in Brazil’s Amazon region.
The world’s No.1 iron ore miner produced 349 million tonnes of the steelmaking ingredient in 2016, helped partly by the opening of its massive S11D mine.
A reworked sale process for plants located in the southeastern city of Cubatão was reportedly launched in recent days.
Prices for the steelmaking commodity have more than doubled in value over the past year following near-decade lows of $38 a tonne in December 2015.
Opponents claim the miner intends to use cyanide, depositing toxic waste in a dam located just 1.5 km from the Xingu River, a tributary of the Amazon.
The miner reported broadly higher output in the fourth quarter across all divisions, except for copper, which suffered from lower grades and strikes.