The head of Brazil's Vale mining giant has stepped down following the collapse of a dam which killed at least 186 people in the town of Brumadinho. Fabio Schvartsman and several other executives asked to be removed after prosecutors called for their dismissal.
China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country’s second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.
Brazilian corporation Vale, the world's biggest iron ore miner, listed on Wednesday at the Hong Kong stock exchange where it traded at a premium to New York's close, as the company looks to raise its profile among Asian investors.
Swiss-based iron ore mining start-up Zamin Ferrous through its Brazilian affiliate is finishing the drilling stage of an iron-ore project in Valentines, Uruguay, and expects to complete its “definitive” feasibility study by mid-2011.
Brazilian mining conglomerate Vale Rio Doce announced this week that it will make a public offer to acquire Paranapanema, the country’s largest copper smelter, as part of a bid to become one of the world’s leading producers of the red metal.
Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-largest steelmaker, agreed to sell a stake in its mining and railroad businesses to Sumitomo Corp. for 1.93 billion US dollars before a possible share offering in the unit.