Measure comes two weeks after another Vale dam burst in Brumadinho town, also in Minas Gerais state, killing at least 157 people, with nearly 200 still missing and feared dead.
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Analysts believe the price surge lines up with the market halting up to 40 million metric tonnes of Vale’s iron ore production.
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The Planalto project is located in the northern Carajás province.
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Brucutu, which has an annual capacity of 30 million tonnes of iron ore, is Brazil’s second largest mine, behind Vale’s Carajás.
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A video shows the exact moment when a dam at Vale’s Córrego do Feijão mining complex burst.
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Argument is being harshly criticized by experts and locals, who believe the law-enforced audible could have saved lives.
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The financial penalties related to the dam collapse may prove even larger than those for Samarco.
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Funds expected to be used as compensation for the victims of last week’s tailing burst, which killed at least 99 people.
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Vale production cuts could have “outsized” impact in shorter term with spot prices predicted to return to $100-plus per tonne in summer.
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Iron ore prices are flying Read More »
Brazilian authorities and companies involved with river water management are trying to stop the torrent of mining waste from reaching the Sao Francisco river, a source of drinking water for communities in five of the country’s 26 states.
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