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Trust in tailings? Vale dam disaster spurs investors into action

By: Reuters     15th February 2019 Seeking assurances from Brazilian miner Vale by phone after a second deadly dam disaster in three years is not enough for Sasja Beslik. He plans to fly there himself to get answers. Beslik, head of sustainable finance at Swedish bank Nordea, blocked the bank's investment managers from buying any... 

China won't come to the rescue in global iron-ore supply crisis

By: Bloomberg     15th February 2019 China’s strict environmental regime means domestic iron ore mines won’t boost output to meet any supply shortfall after Vale’s dam disaster, according to the head of a major Chinese mining group. The global iron-ore market is in the grip of a supply shock after the deadly dam burst last month in... 

Vale disaster could see Brazil’s iron-ore competitive edge slip away

By: Mariaan Webb     12th February 2019 The January 25 Brumadinho dam disaster is expected to knock Brazil’s competitiveness in the global iron-ore market and will elicit a supply response from mines in China, as well as new projects that could be brought on line in the next few years. This is according to analysts at London-based... 

ArcelorMittal, Vale dam inspections trigger evacuations

By: Mariaan Webb     8th February 2019 Two Brazilian towns near iron-ore tailings dams in Minas Gerais state were evacuated on Friday as a precautionary measure while inspections of the structures were under way. Vale, which is reeling from a deadly dam wall burst last month, said that the area downstream of the Sul Superior tailings... 

Flying iron-ore prices to boost Black Iron’s project economics

By: Mariaan Webb     8th February 2019 Canadian iron-ore developer Black Iron says high-grade iron-ore pellet product should sell at a premium for the next few years, resulting in attractive project economics for its planned Shymanivske project, in the Ukraine. A deadly dam burst in Brazil on January 25 has lit a fire under iron-ore... 

Iron-ore powers to highest since 2014 as Vale crisis intensifies

By: Bloomberg     8th February 2019 Iron-ore futures surged more than 5% to hit the highest level since 2014 on concern that the increasingly severe crisis at top producer Vale will curtail global supplies, tightening the seaborne market and offsetting the impact of a slowdown in China, the largest importer. Vale invoked force... 

Vale loses licence at dam that caused iron-ore force majeure

By: Bloomberg     7th February 2019 Vale’s licence to operate a dam key to production at one of its largest mines was revoked by a Brazilian state regulator on February 5, adding another hurdle to efforts by the iron ore king to return to normal operations. Shares declined. The world’s largest miner of the steelmaking ingredient... 

Vale moves to reduce reliance on tailings dams

By: Mariaan Webb     6th February 2019 Disaster-hit Vale has announced a R$1.5-billion (about $390-million) investment in the implementation of dry stacking technology, as the company moves to reduce its reliance on tailings dams. By 2023, Vale will rely on dry processing for 70% of its production, compared with 40% in 2014 and 60%... 

Vale declares force majeure on iron-ore after halt at mine

By: Bloomberg     6th February 2019 Vale did something it said it wasn’t going to do in the wake of the deadly tailings dam collapse in Brazil last month – declare force majeure on some of its iron ore contracts. Futures in Singapore gained. The Brazilian mining giant invoked the clause a day after a judge forced it to suspend... 

Brazil court tells Vale to halt its largest Minas Gerais mine

By: Reuters     4th February 2019 Vale said on Monday that a Brazilian state court has ordered it to stop using eight tailings dams in the wake of a disaster last month that likely killed more than 300 people, a step that will crimp nearly 9% of the company's annual iron ore output. The move is the first step by Brazilian... 

Brazil dam burst death toll rises

By: Reuters     4th February 2019 The death toll from a dam burst in the Brazilian town of Brumadinho rose to 115 people on Friday, according to the team tasked with recovering bodies from the site. The rescue and recovery team said that 248 people were now listed as missing, a number that grew by ten after miner Vale, which... 

Japan's Mitsui trims FY profit outlook, to keep stake in Vale

By: Reuters     1st February 2019 Mitsui & Co on Friday cut full-year profit forecast by 2% due to the absence of a dividend from Vale, but the Japanese trading house does not plan to change its holding in the Brazilian miner, a company executive said. With 110 people confirmed dead and another 238 missing, according to... 

Brazil's costly mining failures tied to cheap waste storage

By: Bloomberg     1st February 2019 The deadly collapse of a Vale tailings dam in Brazil is serving as a wake-up call for an industry that regularly cuts costs by storing mining waste in the cheapest possible way. The slurry of ground rock and effluents left over after companies extract marketable minerals from the ground has been... 

Dam collapse will have profound impact on Vale – Moody’s

By: Mariaan Webb     1st February 2019 The deadly dam disaster involving Vale will have a profound impact on the world’s largest iron-ore producer, not only in terms of serious reputational risk, but it could strain the company’s liquidity and its ability to meet financial requirements, Moody’s Investor Service said this week. The... 

BHP offers its assistance to Vale

By: Esmarie Iannucci     31st January 2019 Diversified major BHP has offered its assistance to its Brazilian joint venture partner (JV) Vale, after that company suffered a dam rupture at its Córrego do Feijão mine, in the city of Brumadinho, Minas Gerais, Brazil. Reports on Thursday stated that Brazilian rescue teams have recovered the... 

Nornickel to boost nickel, palladium output in 2019

By: Reuters     30th January 2019 Russia's Norilsk Nickel (Nornickel), the world's largest palladium producer, said on Wednesday its output of palladium and nickel from Russian raw material would increase in 2019. Nornickel, part-owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said previously it would ramp up... 

Vale's management on thin ice as spill fallout snowballs

By: Bloomberg     29th January 2019 As the death toll continues to rise from a fatal accident at a dam owned by Vale, the Brazilian miner’s top management is coming under increased criticism in the highest levels of government. "There must be punishment," Vice President Hamilton Mourao told reporters in Brazil’s capital on... 

Vale plunges as deadly dam disaster leads to dividend suspension

By: Bloomberg     28th January 2019 Vale’s dam breach left at least 60 people dead and 292 missing in Brazil, leading the world’s biggest producer of iron ore to suspend dividends as it braces for the financial fallout of the catastrophe. The shares plunged as much as 20%. The collapse of a tailings dam at the Feijao mine in the... 

Second Vale dam burst in Brazil likely to curb mining risk appetite

By: Reuters     28th January 2019 Mining company Vale's second dam disaster in Brazil in less than four years deals a blow to an industry grappling with investor wariness and a poor image and casts doubt on new President Jair Bolsonaro's vow to reduce government regulation. Brazilian rescue workers on Saturday were searching for... 

Vale suspends dividends, buybacks and bonuses after Brazil dam disaster

By: Reuters     28th January 2019 Vale, the world's largest iron-ore miner, suspended its planned shareholder dividends, share buybacks and executive bonuses in light of a deadly tailings dam disaster in Brazil, according to a securities filing late on Sunday. Vale's board of directors also created independent committees to... 

Death toll rises to 58 as hope dims after Brazil dam collapse

By: Reuters     28th January 2019 Brazilian rescuers searched into the night on Sunday for hundreds of people missing after a burst mining dam triggered a deadly mudslide, as the death toll rose to 58 and was expected to keep climbing more than two days after the disaster. Rescuers worked past sunset to search a bus thought to... 

Vale expects jump in base metal performance in 2020

By: Reuters     26th October 2018 Brazil's Vale, the world's top iron-ore producer, is expecting major improvement in the performance of its base metals division in 2020 but said that production cuts would remain effect this year and next while prices remain low, executives said on Thursday. CEO Fabio Schvartsman forecast a... 

Vale reports Q3 miss on forex, base metals

By: Reuters     25th October 2018 Brazil's Vale on Wednesday posted weaker-than-expected net income, as a weaker currency coupled with lower base metals production and prices weighed on the world's largest iron ore producer. The miner, also the world's largest nickel producer, reported $1.408-billion in third-quarter net income,... 

Samarco could begin partial production in 2020 after dam burst – Vale CEO

By: Reuters     17th October 2018 Samarco, a joint mining venture between Brazil's Vale and BHP Billiton, could resume production at a third of its capacity at the beginning of 2020, Vale's CEO said on Tuesday. Samarco halted operations in late 2015 after one of its dams collapsed, killing 19 people and causing one of Brazil's... 

Vale third-quarter iron-ore output hits all-time high

By: Reuters     16th October 2018 Iron-ore output at Brazilian miner Vale, the world's largest iron-ore producer, reached a record in the third quarter, boosted by the ramp-up of its S11D project in the Amazonian state of Pará. In a securities filing on Monday, Vale said iron-ore output jumped 10.3% from the year before to... 

Vale is said close to approving $1bn copper expansion

By: Bloomberg     4th October 2018 Vale, flush with cash from its booming iron-ore sales to China, is expected to approve a $1-billion expansion of a Brazilian copper mine later this month, according to a person with knowledge of the matter. Building out the Salobo mine – known as the Salobo 3 project – would likely take about... 

Vale, BHP reach final deal with prosecutors over Brazil disaster

By: Reuters     3rd October 2018 Brazilian prosecutors in Minas Gerais state said on Tuesday they reached a final compensation deal with mining companies Samarco, Vale and BHP Billiton regarding a 2015 dam burst, Brazil's largest ever environmental disaster. According to a statement from prosecutors released late on Tuesday, the... 

China battery firms set up $700m nickel JV in Indonesia

By: Reuters     28th September 2018 Chinese battery firm GEM on Friday said it was teaming up with four companies to invest a total of $700-million in a project to produce battery-grade nickel chemicals in Indonesia. The investment comes as several global metals producers have also set their sights on Indonesia's nickel reserves,... 

Vale shareholders near deal to pay Eletron $692m

By: Reuters     26th September 2018 Two major shareholders of Brazilian mining company Vale are likely to reach an agreement on Wednesday to pay 2.82-billion reais ($692-million) to Eletron to settle a dispute over Vale shares, according to securities filings by Bradespar SA and Litel Participações SA. The payment by Brazilian... 

China’s preference for long-term contracts affecting Indian iron-ore miners

By: Ajoy K Das     25th September 2018 Indian overseas shipment of high-grade iron-ore fines and lumps is facing significant risks as Chinese steel mills are increasingly looking at long term supply agreements. According to three miner-exporters based in the eastern Indian province of Odisha, the largest iron-ore producer in the... 

Chinese steel mills chase iron-ore contracts with Brazil's Vale

By: Reuters     21st September 2018 Chinese steel mills and traders are rushing to secure long-term contracts for high-quality iron-ore ahead of winter steel output cuts, a boon for the main supplier of such grades of the commodity, Brazilian mining giant Vale. China, the world's biggest consumer of the steelmaking ingredient,... 

Serabi fills new COO position with Brazilian national

By: Creamer Media Reporter      20th September 2018 Brazil-focused gold mining and development company Serabi on Thursday announced the appointment of Roney Almeida to the newly established position of COO. Almeida, a Brazilian national and resident in Belo Horizonte, will report to Serabi CEO Mike Hodgson. 

Vale says it could expand Brazil iron-ore mine as Chinese demand grows

By: Reuters     20th September 2018 Mining giant Vale is looking at expanding its flagship iron ore project in Brazil amid growing Chinese appetite for higher-grade varieties of the commodity, a company official said on Thursday. China, the world's top consumer of the steelmaking ingredient, has ramped up buying of higher-quality,... 

New Voisey’s Bay royalty calculation agreed on

By: Marleny Arnoldi     17th September 2018 TSX-listed Altius Minerals and Nasdaq-listed Royal Gold have entered into an agreement with Vale Canada to settle litigation related to the calculation of the royalty in respect of all concentrates produced from the Voisey’s Bay mine, in Newfoundland and Labrador. The Voisey’s Bay 3% net... 

Nickel producers eye Indonesia to plug into EV battery market

By: Reuters     14th September 2018 Several global metals producers have set their sights on Indonesia's nickel reserves to tap an expected surge in demand for the metal for electric vehicle batteries. Sumitomo Metal Mining (SMM) said on Thursday that it and nickel miner PT Vale Indonesia are conducting a feasibility study to... 

Manganese takes pole position in ARM’s earnings surge

By: Martin Creamer     10th September 2018 Manganese formed the backbone of the earnings performance of diversified mining company African Rainbow Minerals (ARM) in the 12 months to June 30, delivering 64% of the headline earnings, at R1.9-billion, and helping the company move into a strong net cash position by recording the best margin.... 

ARM mulling ‘very exciting’ growth opportunities – Motsepe

By: Martin Creamer     7th September 2018 Diversified mining company African Rainbow Minerals (ARM) is right now looking at some very exciting growth opportunities, its executive chairperson Patrice Motsepe said on Friday. After announcing the delivery of 51% higher headline earnings of R4 814-million in the 12 months to June 30... 

African Rainbow Minerals earnings rise, cash mounts, dividend boosted

By: Martin Creamer     7th September 2018 The headline earnings of diversified mining company African Rainbow Minerals (ARM) rose sharply in the 12 months to June 30, when the company generated strong cash flow that has underpinned a boosted cumulative dividend payout of R1.7-billion. Headline earnings increased by 51% to R4 814-million,... 

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