February 11, 2020 / 1:01 PM / 2 months ago

Vale boosts Brazil dam closure provisions by $671 mln

SAO PAULO, Feb 11 (Reuters) - Brazilian iron ore miner Vale SA said on Tuesday that it would boost provisions to decharacterize upstream tailings dams by $671 million after conducting engineering studies following a disaster at its Brumadinho mining site last year.

The charge, to be taken against fourth-quarter earnings, includes a series of revisions including reclassifying two dams previously categorized as having been built by the "center-line" method to the upstream structure considered to be more unstable, the company said in a regulatory filing. (Reporting by Ana Mano; Editing by Christian Plumb)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below