Vale ( NYSE: VALE ) plans to spend ~7.8B Brazilian reais ($1.5B) this year on repairs related to the deadly collapse of the Brumadinho tailings dam, a company executive told Reuters on Wednesday.
Vale ( VALE ) said 3.9B reais of the spending plan will be applied to a deal reached with authorities, 1.9B reais will go to the miner's own projects, and 2B will be spent on tailings management, monitoring, infrastructure renovation and maintenance.
The spending plan comes as Brazil's Supreme Court ordered lower courts to immediately start processing a lawsuit that aims to investigate those responsible for the disaster, citing an imminent risk of the statute of limitations expiring for all charges whose maximum penalty does not exceed two years.
Vale ( VALE ) "seems competent in controlling its iron ore output in 2023, potentially putting a floor on iron prices," Juxtaposed Ideas writes in an analysis published recently on Seeking Alpha .
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Vale plans to pay out $1.5B this year for Brumadinho repairs