Vale plunges as deadly dam disaster leads to dividend suspension

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 rural state of Minas Gerais is Vale’s second fatal disaster since 2015, when the Samarco mine spewed billions of gallons of waste. Mayor Avimar de Melo of the city of Brumadinho, which was partly leveled by the spill, is seeking millions in damages and blamed Vale’s “incompetence” for the incident.