One of the trucks was traveling at low speed and ran into another that was parked at its Christmas Creek iron ore mine in Australia's Pilbara region.
Iron Ore Mining News
Four people from the German consulting group Tüv Süd, company that certified the safety of Vale’s dams, were also detained.
An injection of A$5 billion to A$13 billion in workforce capability will be needed over the next decade.
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.
"I think this is just a natural volatility after such a big supply shock"
"The Brumadinho disaster shows that favoring profit over safety has been Vale's standard operating procedure."
Iron ore’s dramatic rally will raise costs for steelmakers, potentially crimping their profit margins, unless they are able to pass on the additional burden to customers.
Vale has flagged production cuts of as much as 70 million tons in the wake of the deadly dam breach, spurring worries about a substantial loss of seaborne supply.
We used to say these kinds of mining incidents were acts of God, but now ... we consider them failures in engineering.
China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country's second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.
According to the industry group, such reform would encourage additional investment in capital and technology.
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.
"The 50% tax cut for U.S. Steel to stay in Gary is not going to cause a population growth and employment opportunities."
Analysts have said that due to pressure on steel prices, the third quarter could be the last good quarter for steelmakers before a long period of muted growth.
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 European steel sector is navigating choppy waters as the car industry is slowing and pressure on oil prices has dampened demand from the oil equipment industry.
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.
MMK expects healthy output volumes, and that the asset will not remain loss-making in 2019.
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.