Looks like Vale has plenty of problems in Brazil due to COVOC-19. Deena
Australian economy and miners to profit from Brazil's coronavirus outbreak By business reporter David Chau
A coronavirus outbreak has infected at least 188 workers, employed by mining giant Vale SA, at its Itabira mining complex in the south-eastern state of Minas Gerais.
It led to a Brazilian judge ordering on Saturday that all activity be suspended at three of Vale's mines in that complex.
This court decision is expected to send jitters through the global iron ore market as 12 per cent of Vale's iron ore output will come off the market.
Vale produced 302 million tonnes of iron ore last year, with the Itabira complex accounting for a significant 36 million tonnes.
Like Australia, Brazil is one of the world's major iron ore exporters.
But unlike Australia, the South American nation is plagued with the second-highest number of COVID-19 infections in the world (with 692,000 cases).
