Vale shakes iron ore market with dam cuts
![Rescue workers survey damage after a Vale SA dam burst in Brumadinho, Minas Gerais state, Brazil, on Sunday, Jan. 27, ...](http://web.archive.org./web/20190130031854/https://www.afr.com/content/dam/images/h/1/a/m/t/1/image.related.afrIndexLead.320x210.h1an2c.png/1548816463791.jpg)
Vale will pull as much as 40 million tonnes out of the iron ore market as it races to decommission 19 dams following its Brazilian disaster.
Vale will pull as much as 40 million tonnes out of the iron ore market as it races to decommission 19 dams following its Brazilian disaster.
Production at Newcrest Mining has jumped in the December quarter, with year-to-date volumes for both gold and copper rising on the same period last year.
Iron ore miner Vale will reduce production by up to 10 per cent as arrests and a climbing death toll from the recent Brumadinho dam collapse prompt the company to take immediate action.
Copper and other base metals prices will recover only modestly this year as Chinese demand eases, a Reuters poll showed.
Three employees of Brazilian miner Vale and two other engineers working on behalf of the company have been arrested, state prosecutors say, deepening a crisis for the company.
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The price for iron ore surged to its highest in more than 10 months after another tailings dam disaster in Brazil.
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