https://www.miningweekly.com

Vale to resume operations at Alegria mine - filing

1st November 2019

By: Reuters

  

Font size: - +

SAO PAULO – Brazilian miner Vale said on Friday it had been authorised by local regulator ANM to resume operations at its Alegria mining site, which were interrupted last March after a "stress test" failed to guarantee its stability.

In a securities filing, the company added the resumption of mining activities at Alegria will allow the iron-ore exporter to restore eight-million tonnes of 50 million in capacity lost after the deadly Brumadinho dam collapse caused a series of shutdowns.

Before the shutdown, Algeria had an annual capacity of ten-million tonnes.

The mine's resumption will add up to 1 million tonnes to production volumes in 2019, but should not impact sales this year, which the company still expects to come in between the lower and midpoint of its previously announced range of 307-million to 332-million tonnes.

Vale shares were up 2.7% in late morning trading as BTG Pactual analyst Leonardo Correa called the resumption "yet another de-risking event" for the company, reiterating his "buy" rating.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION