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 some operations at its Brucutu mine – a move that it said would result in an annual production loss of 30-million metric tons. The court order was issued to help improve safety following the fatal breakdown of one of Vale’s tailings dam in Minas Gerais state that left more than 130 people dead.