Vale- world’s largest iron ore miner on 16th Jan’20 through press release conveyed suspension of waste and tailings operations at its Esperança mine in Brumadinho, Minas Gerais. However, the miner clarified that the suspension decision was taken previously soon after the acquisition of Ferrous group.
The Esperança mine encompasses a processing plant with annual production of around 1.2 million tons of iron ore. The preventive measure of temporary suspension had been taken to carry out a technical assessment and, currently, works to increase the pile safety are underway.
Spot iron ore prices up W-o-W:
Chinese spot iron ore prices opened up this week at USD 94.5/MT, CFR China as on 13th Jan’20 and increased to USD 95.75/MT, CFR China towards weekend as on 17th Jan’20.
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