Tag: dams

Vale boosts Brazil dam closure provisions by $671 mln

Brazilian iron ore miner Vale SA said will boost provisions to decharacterize upstream tailings dams by $671 million after conducting engineering studies following a disaster at its Brumadinho mining site last year. The charge, to be taken against Q4 earnings, includes a series of revisions including reclassifying two dams previously categorised as having been built by the “center-line” method to the upstream structure considered to be more unstable, the company said in a regulatory filing.