The gravity of this will be digested over the next week by the market. Vale management were aware of structural issues at its Brumadinho Dam well before the 2019 disaster happened.
Compensation still hasn't been paid to the local community for the significant loss of life and the needless distraction the dam collapse created.
The local gov have shut down operations for 7 days in response to this event and an investigation is underway. Vale is a world of trouble. Brazil is in a world of trouble. Likely further supply contraction coming up.
Once word gets around about this it will throw more
fuel on the IO price fire.
Let's watch as this info leaks out across the globe.
interesting times
.
Iron ore price, page-26334
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