Vale’s shares declined on Monday as the world’s biggest iron-ore producer faces continued backlash from Brazilian authorities after a deadly mining accident in January.
Rio de Janeiro-based Vale was ordered on March 15 to shut its Timbopeba mine in Minas Gerais state, which produces 12.8-million tons of iron-ore ayear, due to safety concerns. On Monday a court ordered the company to freeze one-billion reais ($264-million) in funds as compensation for affected communities in the state.