US SEC opens preliminary probe of Vale over dam tragedy
SAO PAULO/WASHINGTON – The US Securities and Exchange Commission has opened a preliminary investigation of iron ore miner Vale over the collapse of a Brazilian mining waste dam that killed more than 250 people in January, Brazil's O Globo newspaper reported on Tuesday.
The US regulator decided to proceed with the probe of the Brazilian company last week after a meeting with Brazilian prosecutors and the CVM, the country's own market watchdog, the paper reported, without citing sources.
The CVM, which has the power to impose fines and bar executives from working at listed companies, said in February it had started two administrative probes into Vale.
Vale, whose ADRs trade on the NYSE, faces at least one US investor class action over the avalanche of mining waste from its tailings dam in the Brazilian town of Brumadinho in late January.
The disaster triggered the steepest drop in Vale's share price ever in percentage terms and a global inquiry into how mining companies store billions of tonnes of mining waste in massive dams.
A Vale spokeswoman said that the miner and its executives had not received notice of any investigation by the SEC.
The SEC declined to comment.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation














