All so-called upstream dams need to be decommissioned or removed by August, 2021, according to a resolution the National Mining Agency published on Monday.
Brazil Mining News
The tailings dam at the iron ore mine is inactive so the miner said the evacuation is precautionary.
The majority of material from the Malaysian distribution center is Brazilian Blend fines destined for China.
Operating cash flow reached $790 million in 2018, and cash and equivalents of $349 million, $1.9 billion in liquidity, and no debt maturities until 2021.
The disaster has called into question the willingness of investors and lenders to continue funding the broader industry.
The company said the fire should have a reduced impact on shipments as 10 days of preventive maintenance was already programmed at the terminal.
Brazil's Usinas Siderurgicas de Minas Gerais posted $223.21 million in profit in 2018.
Four people from the German consulting group Tüv Süd, company that certified the safety of Vale’s dams, were also detained.
Yamana Gold’s stock was up 4.65% in after hours trading.
Iron ore supply is expected to tighten after the Vale accident, but actual effects in the Chinese market will not occur until late March.
Our current prediction is for 19 very serious failures between 2018 and 2027.
The authorities had closed the port terminal operated by the miner and fined it 35 million reais ($9.43 million) for throwing mining residues in the sea.
State-development bank BNDES intends to sell shares in the miner, but has yet to find a good moment to do so.
"The Brumadinho disaster shows that favoring profit over safety has been Vale's standard operating procedure."
Was it another false dawn for the nickel market?
We used to say these kinds of mining incidents were acts of God, but now ... we consider them failures in engineering.
Half of the world’s biggest miners do not keep track of their tailings risk management measures -report
The Responsible Mining Foundation says many of the world’s largest mining companies are not able to ‘know and show’ how effectively they are addressing the risks of tailings dam failure and seepage.
In the near term, the significant disruption to Brazilian supply will likely keep iron ore prices elevated and volatile.
This week’s drama has played out as the most important iron ore user has been offline, with Chinese markets closed for Lunar New Year.
About 700 people were evacuated from two towns located near tailings dams operated by Vale and ArcelorMittal on mounting fears after last month's breach at Brumadinho, the country's deadliest mine disaster.
ArcelorMittal is investing in projects in Mexico and Brazil, and has bought Votorantim in Brazil and Italy's Ilva, Europe's largest capacity steel plant.
"A prolonged embargo will have negative impact on earnings, cash flow and sentiment."
The National Mining Agency aims to issue an ordinance on Friday requiring that upstream tailings dams be taken down or converted into other types of dams.
Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale’s iron ore production.
Vale SA was made aware of problems with sensors designed to monitor the structure of a dam that ended up bursting, 2 days before the disaster.