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Brazil court allows Vale to resume Brucutu mine operations


Reuters

Vale expects to resume Brucutu mine operations within 72 hrs


By Roberto Samora and Marta Nogueira

SAO PAULO, April 16 (Reuters) - Brazilian iron ore miner Vale SA said in a securities filing late on Tuesday that within 72 hours it expects to resume operations at the Brucutu mine, its largest in Minas Gerais state.

Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst in late January in the town of Brumadinho, killing hundreds of people.

Vale shares accelerated gains after the news and closed up 3.45 percent at 53.10 reais.

The miner also said in the filing that it expects its iron ore and pellet sales this year to only reach the mid-range of earlier guidance, between 307 million tonnes and 332 million tonnes, after strong rains in northeastern Brazil affected some of its exports.

Strong rains in March and April in the state of Maranhao affected operations in the export terminal Ponta da Madeira and rail transportation in the region, Vale said. The iron ore produced at its Carajas mine in Para is exported through Maranhao.






This article appears in: Stocks , Commodities




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