Vale situation looks worse!!!
Analysts Raise Iron Ore Outlook In Response To Vale Disaster, By Glenn Dyer
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As per Courts in Brazil have now ruled that up to 12.6 billion Reais ($US3.44 billion) of Vale’s assets and resources will be frozen after the rupture of the tailings dam.
Additionally, the company is subject to around 350 million Reais in fines and penalties. Dam I of the mine failed on January 25 and flooded Vale’s own facilities as well as part of the local community and the Paraopeba river.
The accident has prompted Vale to decommission its 10 dams that operate through the upstream method, which is considered to be risky.The company claims it took the decision to decommission all upstream mines in 2016 after the Samarco disaster (Samarco is jointly owned with BHP).
Iron ore price, page-9686
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