Photo by: Bloomberg
TORONTO (miningweekly.com) – Brazil-based iron-ore mining giant Vale on Monday said that it had lifted a force majeure on a number of its iron-ore sales contracts.
The company declared a force majeure on December 27, as a result of heavy rain and unfavourable weather conditions that had impacted on operations and shipments in the south-eastern system, especially in the state of Espírito Santo.
Vale said it had managed to limit the impact on iron-ore shipments to 2.5-million metric tons from the original estimate of three- to four-million metric tons in December, of which up to 1.3-million metric tons could be potentially recovered in the first quarter of 2014.