Vale seeking more time to remove upstream tailing dams (NYSE:VALE)

Vale seeking more time to remove upstream tailing dams (NYSE:VALE)

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Vale (NYSE:VALE) said it has asked to extend deadlines for removal of 23 upstream tailing dams located in Brazil’s Minas Gerais state, as it faces a “technical inability” to meet the current deadline expiring this month, Reuters reports.

Brazil’s ANM mining regulator and the Minas Gerais government had ordered the decharacterization of upstream structures after the January 2019 Brumadinho dam disaster that killed 270 people.

Vale, +2.3% pre-market, said it remains committed to the removal of all its upstream tailing dams, and that it expects to end this year with 40% of its upstream dams eliminated.

Vale said recently that it expects to spend ~9B reais ($1.65B) in 2022 on reparations related to the Brumadinho dam burst three years ago.

Originally Posted on: https://seekingalpha.com/news/3802488-vale-seeking-more-time-to-remove-upstream-tailing-dams?source=feed_tag_commodities
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