Vale to halt work at Malaysia terminal
Vale (NYSE: VALE) said on Monday that it would suspend operations at its Teluk Rubiah distribution terminal in Malaysia, which is expected to reduce sales in the first quarter by roughly 500,000 tonnes of iron ore.
The operations will be suspended from Tuesday through March 31 because the company cannot guarantee “minimum resources” to safely operate there, Vale said in a securities filing.
The miner said it does not expect the decision to affect full-year 2020 production and sales.
(By Marta Nogueira and Jake Spring; Editing by Chizu Nomiyama)