- Write by:
-
Wednesday, April 1, 2020 - 11:48:07 AM
-
538 Visit
-
Print
Mining News Pro - Brazilian mining company Vale SA said on Tuesday it was at risk of postponing the resumption of lost production capacity due to possible coronavirus-related delays in inspections, assessments and authorizations but that existing output so far had seen little impact.
According to Mining News Pro - The risks, representing a fresh round of upheaval after production cuts last year stemming from the dam burst in the town of Brumadinho that killed roughly 270 people, were detailed in a presentation.
Vale said in February it was hoping to resume capacity of approximately 40 million tonnes per year at various mines which are undergoing post-Brumadinho safety reviews.
“So far, Vale has had a relatively good performance, with limited impact on production and sales, but our ecosystem has been highly impacted by the restrictions imposed by the Covid-19 pandemic, which could affect our operations”, the company said.
Vale shares were up 6.2%, hitting a three-week high of 44.36 reais in early afternoon trading in the Sao Paulo stock exchange.
Looking at the global iron ore market across all producers, Vale said it calculated that roughly 18 million tonnes of output could be interrupted in the transoceanic market thanks to lockdown-related production cuts in Canada, Malaysia, India, Peru and Africa.
Vale said it has so far seen little impact at its Brazilian mines, which remain open because they have been designated an essential service, or at Chinese ports.
Vale said it had taken measures to protect companies in its supply chain amid fallout from the pandemic, including advancing payments to more than 1,000 suppliers. The miner is also changing payment terms for some 3,000 others, the statement said.
Short Link:
https://www.miningnews.ir/En/News/508968
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Japan’s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy US Steel, which it ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
A Brazilian federal court rejected a request made by the country’s solicitor general’s office asking that miners Vale, ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
No comments have been posted yet ...