Brazilian iron ore miner Vale on Wednesday announced a series of write downs and provisions related to the Brumadinho tailings dam collapse that killed some 300 people two months ago, saying there would be an affect on future results.
The write downs include $124 million related to the Corrego de Feijao mine where the dam was located, as well Vale's wider array of upstream tailings dams, considered the most vulnerable to collapse and slated for shutdown in the coming years.
Overall, the company's quarterly results provided little information about the ultimate cost of its second deadly dam disaster in less than four years or about the contours of an expected eventual global settlement between Vale and Brazilian authorities. Vale's shares are down about 12 percent since the accident in January, up from a drop of as much as 26 percent in early February as surging global iron ore prices partially offset concerns over potential lawsuits and fines as well as possible management turmoil.
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