Market awaits Vale initiatives
Vale SA (BZ: VALE3) has reported an 8.2% year-on-year lift in iron ore production for the December quarter, a period that finished just weeks before the fatal Brumadinho tailings dam collapse in Brazil, and indicated almost one-quarter of this year’s previously slated 400Mt could be affected by the disaster.
Vale said following the dam rupture, its production capacity was impacted by about 92.8Mtpa.
This was due to the 40Mtpa to be impacted by the upstream dam decommissioning programme, 30Mtpa from Brucutu and 12.8Mtpa from Timbopeba which courts have prevented from operating, and 10Mtpa from Alegria which Vale opted to temporarily suspend.
It noted Vale had not provided updated iron ore targets for 2019. It referred to Vale's idled 93Mtpa capacity post-Brumadinho and said after accounting for restarts, BMO had deducted total production of 54Mt from its 2019 estimates.
https://www.mining-journal.com/bulks/news/1359633/market-awaits-vale-initiatives
Iron ore price, page-11284
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