The final effect on seaborne volumes is yet to be seen, but it is likely that an expected increase in exports from Brazil for 2019 will instead be a small contraction.
Brumadinho Mining News
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.
The disaster has called into question the willingness of investors and lenders to continue funding the broader industry.
Four people from the German consulting group Tüv Süd, company that certified the safety of Vale’s dams, were also detained.
Our current prediction is for 19 very serious failures between 2018 and 2027.
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."
We used to say these kinds of mining incidents were acts of God, but now ... we consider them failures in engineering.
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.
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.
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.
Creditors rejected Samarco’s offer to treat the injections as senior or pari-passu debt.
Vale has come under intense public pressure since the Jan. 25 dam burst, with some politicians and prosecutors calling for criminal prosecution and a management shakeup.
The problem for miners is convincing an increasingly sceptical public of how necessary their industry is.
Iron ore prices have surged since the disaster, hitting a nearly two-year high on Monday.
Vale SA said it’s temporarily halting some operations at its Brucutu mine, potentially causing a production loss of about 30 million metric tons of iron ore a year
The report by German-based TÜV SÜD made 17 recommendations aimed at improving the stability of the structure and was dated September 2018.
A video shows the exact moment when a dam at Vale’s Córrego do Feijão mining complex burst.
Brucutu, which has an annual capacity of 30 million tonnes of iron ore, is Brazil's second largest mine, behind Vale’s Carajás.
Those inclined to make a bullish bet on disaster may be in for a dose of karma. This rally is more likely to collapse than extend.
The disaster was also a cautionary tale about how government overreach and flawed corporate governance can contaminate policy.
"Vale is an important strategic partner"
The argument is being harshly criticized by experts and locals, who believe the law-enforced audible could have saved lives.
The financial penalties related to the dam collapse may prove even larger than those for Samarco.