Brazil : Vale's Decommissioning at Fabrica Mines to Impact 3 MnT Output
Vale- world's largest iron ore miner post the dam collapse of 25th Jan is proceeding with decommissioning of Forquilha I, Forquilha II, Forquilha III and Grupo dams which is expected to affect around 3 MnT production loss in 2019.
Also, Vale announces decommissioning of the upstream Vargem Grande upstream dam, as per press release of Feb 4th. So it seems there will be an additional output loss of 3 MnT pa.
As per Brazilian National Mining Agency, the government is to ban new upstream tailing dam and orders decommissioning of all such dams by Aug 21. On similar ground, Vale is to decommission its 10 upstream dams in next three years.
Vale underwent collapse at its dam at Corrego do Feijao mine in Minas Gerais in Brumadinho, Brazil on 25th Jan'19. At Feijao mine dam 1 collapsed, which used to dispose tailings from ore production and was inactive. The disaster unleashed mining debris into the region resulting in huge loss of life and property especially in the town of Brumadinho. The miner later declared force majeure, and cut down 40 MnT iron ore and pellet availability along with additional 30 MnT of raw material shortage due to operation hault at Brucutu mines. Later, on 15th Feb, Vale had temporarily suspended operation at its Malaysian Distribution Centre for about 10 to 15 days owing to fire broke out.
How have Chinese spot iron ore fines prices been so far this week ?
Fe 62% iron ore fines were recorded at USD 88.8/MT, CFR China towards the beginning of this week but later fell to USD 87.3/MT, CFR China yesterday. Chinese mills are seen preferring low grade ore over high grade amid shrinking steel margins.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
