Vale and BHP's Samarco gets license to resume operations after dam burst
2019-10-28 11:18:53 [Print]
Samarco, a joint venture between Vale SA and BHP Group, last Friday won permission to resume operations at their Germano iron ore mine, the environmental regulator of the Brazilian state of Minas Gerais said, roughly four years after a fatal dam collapse there.
Vale said in a separate release that it expected production at the joint venture, which is trying to restructure $3.8 billion in debt it defaulted on about a year after the accident, to resume toward the end of 2020.
The mine, which once produced nearly 25 million tonnes of iron ore a year, will restart at an annual rate of less than a third of that, Vale said, with a potential increase to 14 to 16 million within another six years.
Vale said in a separate release that it expected production at the joint venture, which is trying to restructure $3.8 billion in debt it defaulted on about a year after the accident, to resume toward the end of 2020.
The mine, which once produced nearly 25 million tonnes of iron ore a year, will restart at an annual rate of less than a third of that, Vale said, with a potential increase to 14 to 16 million within another six years.
