VALE - Vale S.A.

NYSE - Nasdaq Real Time Price. Currency in USD
12.01
-0.18 (-1.44%)
As of 3:01PM EST. Market open.
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Previous Close12.18
Open12.10
Bid12.02 x 46000
Ask12.03 x 29200
Day's Range11.98 - 12.15
52 Week Range10.20 - 14.19
Volume14,999,992
Avg. Volume19,547,587
Market Cap61.565B
Beta (5Y Monthly)1.12
PE Ratio (TTM)17.76
EPS (TTM)0.68
Earnings DateN/A
Forward Dividend & Yield0.69 (5.79%)
Ex-Dividend DateDec. 26, 2019
1y Target Est14.85
  • Ex-Vale CEO charged with homicide for dam disaster
    Reuters Videos

    Ex-Vale CEO charged with homicide for dam disaster

    Almost a year to the day after a Brazil dam disaster killed more than 250 people, homicide charges have been filed against Fabio Schvartsman, the former CEO of mining giant, Vale SA, which co-owned the mine. The details came from a charging document seen by Reuters, Tuesday. Fifteen others have also been charged with homicide and environmental crimes for their role in the disaster. All of them worked for either Vale or TUV SUD, the German company responsible for inspecting the dam. A state prosecutor had previously told Reuters that employees knew the dam was at risk of collapsing, yet failed to act before disaster struck. In a statement, TUV SUD said it continues to be saddened by the tragedy… and vowed to continue to cooperate with authorities in Brazil and Germany regarding ongoing investigations. Vale said it was premature to assign blame. The charges come a year after the dam collapse released a river of slurry - the muddy byproduct of iron ore processing - and buried people underneath it. It was one of the world’s deadliest mining accidents... that knocked $19 billion off Vale's market value in a single day. Schvartsman was removed as CEO in early March at the urging of prosecutors who alleged his presence at the company posed a danger to society.

  • Murder charges in Vale dam collapse case complicate Brazilian probes
    Reuters

    Murder charges in Vale dam collapse case complicate Brazilian probes

    The filing of murder charges against the former CEO of Brazilian miner Vale SA and 15 others for a 2019 dam collapse that killed more than 250 people was hailed by victims' families as a major step in bringing those responsible to justice. Federal investigators are yet to identify the cause of the Jan. 25, 2019 collapse of a tailings dam at the Corrego do Feijao iron ore mine dam east of Brumadinho, which released a sea of mud that slammed into Vale's offices and cut through a nearby community, killing 259 people and leaving 11 still missing. "I don't think there are the concrete elements required for homicide charges, precisely because this technical part is missing," Tangerino added.

  • A Brazilian Town Has Been Covered in Sludge for One Year
    Bloomberg

    A Brazilian Town Has Been Covered in Sludge for One Year

    (Bloomberg) -- Exactly one year ago, a Brazilian dam operated by iron ore miner Vale SA gave way to a tsunami of 9.7 million cubic meters of mining sludge that buried part of a town and killed 270 people.In the days, weeks and months since Jan. 25, 2019, the world’s largest iron ore miner has made progress in undoing some—but not all—of the damage done when the dam burst. Its chief executive officer stepped down. (He was charged with homicide this week by local prosecutors.) Vale’s stock price has recovered, and output is on its way back. But the community that was unmade when the structure fell will never truly be remade.People who were in the city of Brumadinho on Jan. 25, 2019, and those who have visited since then struggle to find words to describe the devastation in a way the outside world can grasp. It is, even to those who lived through the tragedy, beyond understanding.Gone is the constant whoosh of helicopters overhead that spirited out the dead on dangling stretchers. In their place is the sound of hundreds of bulldozers and trucks.While the surrounding community will never be rebuilt, Vale is on the hook for at least cleaning up the sludge that’s laced with iron ore residue and mining waste so that it doesn’t further pollute Brumadinho water supplies. It is laborious work that requires draining the water from the mud, packing the dirt down into bricks, piling them up in the countryside and covering them up with replanted vegetation.Local firefighters still scour the mud at Brumadinho. Each day, the hunt for the missing goes on. And each day, more often than not, body parts are all they can find.In the days after the collapse, the mud was so wet in some areas that body-sniffing rescue dogs couldn’t catch scents. A team of 150 rescuers crawled through the wreckage and searched the sludge with their hands. So far, 259 bodies have been identified through DNA sampling; around Christmas 2019, two more bodies were found. Eleven people are still missing, and the 90 firefighters that remain say they won't give up until they find them. They use excavators now to dig, watching closely as the dirt falls to the ground for any signs of the dead.“We haven't stopped for a single day, not even on Christmas, and we don't plan to,” Lieutenant Douglas Constantino says. “Those families need closure.” Zeca Goncalves was finishing lunch when he heard what sounded like an explosion. He rushed out of his hilltop home to find that a wall of mud had buried part of the city where he was born. The 68-year-old retired bricklayer looked toward a bed and breakfast at which two cousins and two nephews worked, but he could no longer see it. A neighbor’s house, some 20 meters away from his own, was also destroyed.“I just stood there and stared at it for some 15 minutes. I went completely dumbfounded,” he said. “I went home to tell my wife, but she didn't believe me. So I came back out and stared for hours more.”Just about everyone in the mining town knew someone—most likely more than one—who died that day. Goncalves’s four relatives, along with several friends, were among them. Many of the people who remained took the cash payouts Vale offered, packed up and moved away. Direct family members got at least 700,000 reais (about $170,000), while others such as Goncalves received 50,000 reais, plus small monthly payouts. Goncalves can point out four or five houses on his street in the Corrego do Feijao neighborhood that now stand empty. He said he plans to stay put and has used the money to buy a car. “This used to be the best place ever,” he recalled.People across Minas Gerais state are still furious at Vale over the disaster. Fabio Schvartsman, who was the company’s CEO at the time, was charged this week with 270 counts of homicide, while Vale and a contractor, TUV SUD, were accused of environmental crimes. State prosecutors allege that the 65-year-old executive knew about the risks but made false statements and hid information to protect the company’s share price.“They turned a blind eye,” Prosecutor General Antonio Sergio Tonet told reporters. Their negligence, another official added, caused “the dam to break with the strength of a tsunami that destroyed everything in its way."In certain pockets around Brazil, people still ask themselves: Could we be next? A key factor in the disaster was the type of structure Vale used to contain tailings from its upstream mining operations. Mud built up behind a front wall that was 700 meters wide and as tall as a 24-story building. But there was internal erosion, and the dense mud liquefied. Prosecutors say the company intentionally hid signs that the structure was failing. It has been ordered to dismantle at least nine similar dams and reintegrate them back into their environment.Residents around the riskiest of the dams were relocated to settlements. But others still live nearby, always on alert for the sirens that Vale installed to warn them if it becomes time to flee. All in all, Vale has spent $6.3 billion on provisions and expenses related to Brumadinho.  To contact the author of this story: Sabrina Valle in Rio De Janeiro at svalle@bloomberg.netTo contact the editor responsible for this story: Jessica Brice at jbrice1@bloomberg.net, Philip Brian TabuasFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • EMERGING MARKETS-Latam stocks fall; Brazilian real rises for second day
    Reuters

    EMERGING MARKETS-Latam stocks fall; Brazilian real rises for second day

    * Equity markets spooked by spread of China virus * Brazil to discuss cooperation with OPEC - energy minister * Colombian peso slips, mirroring lower oil prices By Shreyashi Sanyal Jan 23 (Reuters) - Stocks across Latin America fell on Thursday as fears mounted over the spread of a new flu-like virus in China, while Brazil's real strengthened as the country looks at the possibility of cooperating with OPEC. China locked down two cities at the epicenter of a coronavirus outbreak that has killed 17 people and infected more than 630.

  • BHP's Iron, Copper Production Up, Retains Fiscal 2020 Guidance
    Zacks

    BHP's Iron, Copper Production Up, Retains Fiscal 2020 Guidance

    BHP Group (BHP) reported year-over-year increase in copper and iron ore production during the first half of fiscal 2020 and maintains guidance for fiscal 2020.

  • From Mining Savior to Homicide Charges, the Fall of Vale’s Chief
    Bloomberg

    From Mining Savior to Homicide Charges, the Fall of Vale’s Chief

    (Bloomberg) -- Fabio Schvartsman was supposed to be the fresh face that would help Vale SA, the world’s biggest iron ore miner, advance after a 2015 dam collapse. Instead, the 65-year-old is facing homicide charges after the company’s latest deadly disaster.While he knew little of mining and metals, Schvartsman had more than doubled the shares at Klabin SA, Brazil’s largest paper producer, where he secured financing to roll out low-cost projects and gained a reputation for cost efficiency. He was named to lead Vale in May 2017, just as the company brought the industry’s largest new project online, boosting both production and profit.Now, 2 1/2 years later, Schvartsman stands accused of 270 counts of homicide as a result of a second dam collapse near Brumadinho in January 2019. He’s charged with knowing ahead of time of safety issues at the massive tailings dam and helping hide them prior to the deadliest such event in Brazil’s history.Ironically, Schvartsman -- who left the top post in March -- began his role as the Vale CEO with a vow never to allow a repeat of the Mariana dam failure in 2015. Now, he’s awaiting a judge’s decision on the state charges he faces for Brumadinho, and is facing the possibility of federal charges ahead.“Fabio Schvartsman acted directly to create corporate incentives, not to avoid risks, but to channel efforts into protecting Vale’s market value,” Willian Coelho, a state prosecutor, told reporters in Minas Gerais.He “entered the role with the slogan ‘Mariana Never Again,’” Coelho said. “But it was a false slogan.”In a statement, Vale said it was perplexed by the accusations of fraud. “It is important to remember that other agencies are also investigating the case,” the company statement said “And it is premature to point out a conscious risk taking to cause a deliberate breach of the dam.”‘A Brazilian Jewel’Schvartsman, meanwhile, was unavailable for comment on Tuesday. In a February 14 public hearing last year, he called Vale “a Brazilian jewel that can not be condemned for an accident that happened in one of its dams, even as it was a tragedy.”Schvartsman was seen by many as a potential savior for a company that had been on a roller coaster ride with the previous CEO. Under Murilo Ferreira, Vale’s shares lost about 30% as commodity prices tumbled amid slowing Chinese demand and expanding supply. Ferreira, though, helped push through the opening of a $14 billion mining complex in an area where ore quality is higher and costs will be lower.Criticism over the 2015 Mariana disaster, however, dogged him, and eventually he was pushed aside, making way for Schvartsman. For awhile, it was a perfect match. Vale shares almost doubled between the time Schvartsman was named CEO and when the dam disaster hit.Previous CEOOf all the Brazilian business leaders to be charged in recent years, Schvartsman stands out with the homicide charges. Ferreira wasn’t included in criminal charges from the 2015 dam spill. Corruption and insider trading have been more common crimes in recent years.In December, Brazilian prosecutors filed a case against meatpacker JBS SA, its holding company and 14 people for alleged fraud in loans from the nation’s development bank. Prosecutors requested the companies and founders Joesley and Wesley Batista be convicted for wrongdoing regarding transactions between the meat giant and BNDES that resulted in illegal enrichment.Less than three months earlier, Eike Batista, formerly Brazil’s richest man and no relation to the JBS owners, was sentenced to an additional eight years and seven months of prison time for insider trading. Batista had already been convicted for paying $16.6 million to get government contracts as part of a sprawling corruption probe known as Carwash and sentenced to 30 years, which he is serving under house arrest.While Schvartsman was charged with homicide and Vale was accused of environmental crimes, it is unclear when or if he will actually be put behind bars. A criminal case from the 2015 dam spill, which also included homicide charges against some Vale executives, was suspended by in 2017 after a judge found evidence of illegal wire tapping by investigators.To contact the reporters on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net;Sabrina Valle in Rio de Janeiro at svalle@bloomberg.netTo contact the editors responsible for this story: Tina Davis at tinadavis@bloomberg.net, Reg Gale, Luzi Ann JavierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Brazil charges ex-Vale CEO with homicide for dam disaster
    Reuters

    Brazil charges ex-Vale CEO with homicide for dam disaster

    Brazilian state prosecutors on Tuesday charged Fabio Schvartsman, the former chief executive of mining giant Vale SA , and 15 other people with homicide for a dam disaster last year that killed more than 250 people, according to the charging document seen by Reuters. In addition to homicide charges, Vale and TUV SUD, the German company responsible for inspecting the dam, were charged with environmental crimes. Of the 16 individuals charged, 11 had worked for Vale and five for TUV SUD, prosecutors said.

  • Iron Ore Output Far From Certain as Vale Homicide Charges Filed
    Bloomberg

    Iron Ore Output Far From Certain as Vale Homicide Charges Filed

    (Bloomberg) -- Vale SA was dealt back-to-back blows on Tuesday as Brazilian officials announced criminal charges including for homicide in the wake of last year’s deadly dam collapse, while a prosecutor indicated additional output cuts may be on the horizon.Former Chief Executive Officer Fabio Schvartsman was charged with 270 counts of homicide, and the world’s largest iron ore miner and a contractor, TUV SUD, were accused of environmental crimes. Minas Gerais state prosecutors allege that the 65-year-old executive, who was at the helm when the Brumadinho disaster unleashed a deluge of sludge that buried a small town, knew about the risks, but made false statements and hid information to protect the company’s share price.“Fabio Schvartsman acted directly to create corporate incentives, not to avoid risks, but to channel efforts into protecting Vale’s market value,” William Coelho, a state prosecutor, told reporters in Minas Gerais. Schvartsman took over in 2017, a little less than two years after the Mariana tailings dam collapsed in a separate accident, killing 19. “He entered the role with the slogan ‘Mariana Never Again,’ but it was a false slogan.”Globally, it’s rare that a top executive would be charged with murder because of corporate actions -- though not totally unheard of. The head of Union Carbide Corp. was charged with manslaughter by Indian authorities for a 1984 gas leak that killed thousands in Bhopal (he was arrested but never faced trial after the U.S. refused to extradite him). The CEO of ThysssenKrupp AG’s Italian unit was sentenced to prison after a fire at a steel plant there killed seven workers in 2007; and the CEO of a South Korean ferry company was charged with homicide through occupational negligence after hundreds died when his vessel sank in 2014.Schvartsman ranks as the highest-profile executive yet to face charges after at the disaster in January 2019. He took a leave from his post in March after federal prosecutors recommended his immediate exit. Other former employees were also accused of homicide. Prosecutors filed charges against 21 people in 2016 for the Mariana disaster.Vale expressed “its perplexity at the accusations of fraud,” the miner said in a statement. “It is important to remember that other agencies are also investigating the case, and it is premature to point out a conscious risk taking to cause a deliberate breach of the dam.”As CEO, Schvartsman pushed ambitious plans to ramp up production, but Brumadinho changed all that. Plans to boost production to between 390 million tons and 400 million tons by 2019 were delayed by three years. Output in 2019 came in closer to 350 million tons.One of the prosecutors on the task force investigating the accident is reviewing additional operations and said she hasn’t ruled out the possibility that more production could be affected in what would be a fresh blow to the world’s largest iron ore miner. The shuttering of capacity last year helped benchmark iron ore prices surge 27% in 2019.“Last year’s experience showed us Vale wasn’t proactive in disclosing risks to authorities,” said Andressa Lanchotti, coordinator of the task force. “To the contrary, the company initially denied any risks at all.”More Dams at RiskSafety concerns have already prompted Vale to halt some production, including the Brucutu mine after it was flagged by an independent auditor and not by the company, Lanchotti told Bloomberg. Vale temporarily suspended part of Brucutu production in December after raising the risk level of the nearby Laranjeiras dam from 0 to a 1, the second lowest on four-tier scale where 3 means a burst is imminent. A level 2 requires evacuations.Independent auditors including Los Angeles-based Aecom are analyzing 25 Vale mines in Minas Gerais, as well as a 100 dams and dikes, Lanchotti said. The auditors were hired as part of a settlement between Vale and the Minas Gerais Prosecutor’s Office, whose task force includes about 20 people. Vale is covering the costs of the audit, but the information is sent directly to authorities.“It’s information the Prosecutor’s Office is still receiving,” she said during an interview in Belo Horizonte, the state’s capital. “Since the audit is ongoing, I can’t rule out new problems that could be identified in coming days or months that would require suspensions.”Vale is working to prevent possible stoppages at four level 3 mines, including at the Gongo Soco mine. But Lanchotti said more problems may be out there at mines that sit lower on the risk scale. She cited the Itabirucu dam in Itabira, Vale’s birthplace and a top iron-ore region. Vale partially shut production there after Aecom recommended that the structure be categorized as a level 1 in October.Committed to Safety“It’s important to note that Vale has always been committed to the safety of people and structures, and has been continuously improving its preventive risk management processes,” Vale said in response to Bloomberg questions. The auditing process is part of “the company’s commitment to provide the greatest transparency possible.”The company also said that results of the audits and relevant data is continuously shared with authorities.Vale’s American depositary receipts tumbled 2.8% to $13.25 in New York, the biggest decline since November. In Sao Paulo trading, shares were down 2.3%.In October, Vale said it posted $6.3 billion in expenses related to the Brumadinho rupture, which sent iron-ore prices on a roller coaster. The company lost about a fourth of its market value in the immediate aftermath, but it has since largely recovered in Sao Paulo trading.A report released in December from a panel of experts commissioned by Vale blamed faulty design for the dam’s collapse. The facility was too steep and had insufficient drainage, resulting in high water levels that put stress on the structure, according to the report.In September, Brazilian police indicted Vale, the testing service TUV SUD and 13 employees of the two companies for producing misleading documents about the safety of the dam that buried the community of Brumadinho, in Minas Gerais state.\--With assistance from Joe Richter and Krystal Chia.To contact the reporters on this story: Sabrina Valle in Rio de Janeiro at svalle@bloomberg.net;Peter Millard in Rio de Janeiro at pmillard1@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Phoebe Sedgman, Alpana SarmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Resilient Chinese Steel Industry Holds Promise for Iron Ore
    Zacks

    Resilient Chinese Steel Industry Holds Promise for Iron Ore

    China's steel consumption will increase 2% year over year in 2020, fueling demand for iron.

  • Reasons to Add Royal Gold (RGLD) Stock to Your Portfolio
    Zacks

    Reasons to Add Royal Gold (RGLD) Stock to Your Portfolio

    Strong fundamentals and solid growth prospects make Royal Gold (RGLD) an attractive investment option.

  • Q4 Earnings Scorecard & Today's Top Stock Research Reports
    Zacks

    Q4 Earnings Scorecard & Today's Top Stock Research Reports

    Q4 Earnings Scorecard & Today's Top Stock Research Reports

  • Bloomberg

    The Big Problem Haunting Top Iron-Ore Miner Isn’t So Easy to Fix

    (Bloomberg) -- In the weeks and months after Vale SA’s deadly dam disaster, some of Brazil’s biggest investors snatched up shares in a bet they’d bounce back and then keep rising.A year later, the gamble paid off, but with a caveat: The stock rebounded, but Vale’s reputation hasn’t -- and that’s the problem. While the world’s largest iron ore producer, like all miners, has struggled with plenty of environmental issues in the past, there’s no denying that a company’s green credentials suddenly matter now more than ever.“With sustainability growing in importance by the day for the global investor, my big concern now relates to the long term and whether Vale is going to be able to change its image,” said Leonardo Rufino, portfolio manager at Pacifico Gestao de Recursos. “Because if it can’t, the risk is that Vale ends up being a cheap stock forever.”Pacifico, along with SPX Capital and Vinland Capital, were among asset managers that scooped up Vale stock after the dam break in January 2019 wiped out a quarter of the company’s market value. Although Tuesday marked an important milestone for Vale as shares closed at their highest since the accident, a look at the miner’s valuation tells a different story. Vale still trades at a discount of at least 20% to peers BHP Group Ltd. and Rio Tinto Plc, based on enterprise-value-to-expected-Ebitda ratio.Exposure to Vale shares and holding company Bradespar SA at Pacifico Acoes, a fund that Rufino helps manage, rose to about 12% of assets at its peak from 8% around the time of the dam break. The fund has since sold its position in Bradespar, but Vale is still among its top five holdings.Room to RunIf all else were equal, Vale’s fundamentals would signal that the stock has more room to run, Rufino said, adding that he still believes further gains are in its future. The company’s generating cash, and analysts from Bradesco, Scotiabank and Goldman Sachs see a good chance of dividends being reinstated sometime this year. Meanwhile, Rufino says the nuts-and-bolts fallout from the Brumadinho disaster, including potential liabilities and the hit to output, is “mostly priced in.”Vale has taken several steps to clean up its image in the aftermath. It replaced its chief executive officer, committed to decommissioning the type of dams that faltered and built a treatment plant to clean up polluted water. At investor meetings last month, it focused on green initiatives, including projects to help it become carbon neutral, and also launched an ESG website. The company declined to comment for this article.“The company’s been careful, taking a lot of provisions and focusing on handling the problem,” said Rufino, who helps oversee 2.2 billion reais ($530 million) in assets at Pacifico. “A discount to its global peers seems unjustified.”Vale shares were little changed at mid-day in Sao Paulo, trailing the 0.4% advance for Brazil’s benchmark Ibovespa, amid news of a fresh blow to output, albeit a limited one. Vale said Thursday that it halted operations at the newly acquired Esperanca mine near Brumadinho. The move was a precautionary step to improve safety conditions. Esperanca produces about 1 million tons of iron ore a year, the company said in note.An Urgent NoteBut as the world grows increasingly sensitive to environmental issues, money managers are plowing more and more funds into investments that fulfill environmental, social and governance -- or ESG -- standards. The Church of England dumped Vale after Brumadinho’s tragedy and blocked investments in the miner through an ethical exclusion process. And BlackRock, which upped its stake in Vale to above 5% as of December, struck an urgent note in its annual letter to corporate executives: Climate change will upend global finance sooner than they might think. CEO Larry Fink said his firm will take steps to address the issue across the thousands of companies in which it invests.Brazil’s own reputation isn’t helping Vale. President Jair Bolsonaro has questioned the need for action to combat global climate change and scoffed at his counterparts in Europe who called for him to do more to end the burning of the Amazon.That backdrop may continue to hinder any Vale upside.“At some point,” Rufino said, “we need to see a multiple expansion.”(Updates with new output halt, stock move in 9th paragraph.)To contact the reporters on this story: Vinícius Andrade in São Paulo at vandrade3@bloomberg.net;Sabrina Valle in Rio de Janeiro at svalle@bloomberg.netTo contact the editors responsible for this story: Daniel Cancel at dcancel@bloomberg.net, Jessica Brice, Brendan WalshFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • A Year After Deadly Disaster, Vale Recovers Its Market Value
    Bloomberg

    A Year After Deadly Disaster, Vale Recovers Its Market Value

    (Bloomberg) -- Almost one year to the day, Vale SA shares recovered all the ground they lost following the deadly dam break that weighed on global iron-ore supplies and led to an international backlash.The stock on Tuesday traded as high as 56.35 reais, up 1.9% on the day and topping the 56.15 real close on Jan. 24, 2019, the day before the Brumadinho dam collapse buried a Brazilian village and killed more than 250 people. Vale lost a quarter of its value in the trading session following the disaster, its second dam break in a little more than three years, which also led to fines, a dividend suspension, and possibly criminal charges.“The de-risking is already in course,” Bradesco BBI analysts Thiago Lofiego and Isabella Vasconcelos wrote in a report dated Jan. 12. They see room for further share gains on the back of potential upside for iron-ore prices and “a good chance of Vale reinstating its dividend policy in the first half of 2020.”But risks remain. The world’s biggest iron ore producer is still struggling to restore lost output and rebuild its reputation among investors. And Brazil prosecutors are expected to file criminal charges in the case soon.Output still hasn’t fully recovered, either. The Brumadinho disaster forced Vale to halt operations that account for almost a quarter of its 400 million-ton target last year, roiling iron ore markets across the globe. Vale said during an investors day last month that it expects to produce between 340 million and 355 million tons of iron ore in 2020.Vale’s ADRs also still have a ways to go before catching up to their pre-disaster price, although that has a lot to do with a weaker real that’s still trading down 11% compared with a year ago. The ADRs have 17 buys, 11 holds and one sell, according to data compiled by Bloomberg.(Updates with output figures in penultimate paragraph.)To contact the reporters on this story: Vinícius Andrade in São Paulo at vandrade3@bloomberg.net;Sabrina Valle in Rio de Janeiro at svalle@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Jessica Brice, Julia LeiteFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • Exclusive: Brazil prosecutor aims to charge Vale within days over mining waste dam disaster
    Reuters

    Exclusive: Brazil prosecutor aims to charge Vale within days over mining waste dam disaster

    A Brazilian state prosecutor expects to bring criminal charges "in the next few days" against miner Vale over a mining waste dam collapse that killed at least 259 people, even as the prosecutor's federal counterpart continues to investigate the case. Andressa de Oliveira Lanchotti, coordinator for the task force of state prosecutors investigating the disaster, told Reuters they expect to indict 15 to 20 people, including executives from Vale and employees from German inspection firm TÜV SÜD - as well as the companies themselves. "What we can take away from the investigations is there were several factors pointing to risk - the risk was not unknown," Lanchotti said, disputing Vale's contention that it had no way of knowing that the dam that unleashed an avalanche of mining waste on the Brazilian town of Brumadinho in January 2019 posed a danger.

  • Bloomberg

    Samarco Rebuffs Creditors on Resumption of Debt Talks

    (Bloomberg) -- Samarco Mineracao SA has rejected creditors’ formal request to resume talks to restructure its defaulted debt, signaling heightened risks for bond holders, according to people with direct knowledge of the situation.The Brazilian iron ore venture between BHP Group and Vale SA said it has yet to firm up its business plan. And without that, the company argues that it will be at a disadvantage if it were to resume talks that have been put on hold for almost a year on its $2.9 billion in defaulted debt, the people said.Samarco has said it will restart iron ore mining in the second half of this year after securing all the permits required by authorities. Operations have been halted since a waste dam collapse in 2015 that killed 19 people, curtailing the company’s ability to meet its obligations to creditors.The continued delay in talks to restructure the debt may antagonize Samarco’s creditors, the people said. That’s bad news for holders of the company’s $2.2 billion in bonds maturing 2022 and 2024 that have fallen to 66 to 69 cents. The company has been in default on these obligations for almost four years.Samarco estimates production to hit as high as 8 million metric tons per year in 2020 and reach full capacity of about 24 million tons of pellets by around 2030.Negotiations for the restructuring of the defaulted debt were put on hold at the end of January 2019, when Vale, which owns half of the venture, suffered an even worse disaster at a mine in Brumadinho, also in the state of Minas Gerais. That spurred heightened scrutiny of applications for environmental permits by regulators.BHP, Vale and Samarco declined to comment.To contact the reporter on this story: Pablo Gonzalez in Sao Paulo at pgonzalez49@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Luzi Ann Javier, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.

  • Vale to Lower Output at Brucutu for 2 Months, Cuts Q1 Guidance
    Zacks

    Vale to Lower Output at Brucutu for 2 Months, Cuts Q1 Guidance

    Vale S.A (VALE) trims production and sales guidance for first-quarter 2020, as the company will lower its Brucutu-mine output for one-two months.

  • Investing.com

    Steel Companies Jump After Trump Hits Brazil and Argentina with Tariffs

    Investing.com - Steel and mining companies were higher in midday trade on Monday after U.S. President Donald Trump said he was re-implementing steel tariffs on imports from Brazil and Argentina.

  • Vale Sees $1.6B Charge for Base Metal & Coal Business in Q4
    Zacks

    Vale Sees $1.6B Charge for Base Metal & Coal Business in Q4

    Vale (VALE) will write down Caledonian assets and incur a non-cash impairment charge of about $1.6 billion in fourth-quarter 2019.

  • The Zacks Analyst Blog Highlights: Walt Disney, Wells Fargo, Vale, Shopify and TELUS
    Zacks

    The Zacks Analyst Blog Highlights: Walt Disney, Wells Fargo, Vale, Shopify and TELUS

    The Zacks Analyst Blog Highlights: Walt Disney, Wells Fargo, Vale, Shopify and TELUS

  • Vale Banks on Low Debt & Cost Control Amid Brumadinho Impact
    Zacks

    Vale Banks on Low Debt & Cost Control Amid Brumadinho Impact

    Vale S.A (VALE) is also likely to gain from investment in projects, lower debt and focus on introducing more high-quality ore in the market.

  • Top Research Reports for Disney, Wells Fargo & Vale
    Zacks

    Top Research Reports for Disney, Wells Fargo & Vale

    Top Research Reports for Disney, Wells Fargo & Vale

  • Vale CEO received anonymous email warning ahead of Brazil dam disaster - congress report
    Reuters

    Vale CEO received anonymous email warning ahead of Brazil dam disaster - congress report

    The former chief executive of Brazilian iron ore miner Vale received an anonymous email weeks before the deadly collapse of a tailings dam at Brumadinho in January 2019 warning about "dams at their limit," according to the findings of an exhaustive congressional report on the disaster. Rather than seeking to investigate the allegation in the email, also addressed to other senior executives, Vale's then-Chief Executive Officer Fabio Schvartsman directed other employees to try to identify the email's author, according to the 625-page report. The congressional investigative committee report, written by leftist congressman Rogerio Correia and released last week after five months of hearings, cited the email episode as evidence that Vale's senior management, including Schvartsman, was aware ahead of the dam collapse - which killed more than 250 people - that there were safety issues with the facility used to store mining waste.

  • Brazil's Vale CEO says not yet time to resume dividends
    Reuters

    Brazil's Vale CEO says not yet time to resume dividends

    Vale SA's chief executive officer said on Friday that a resumption in paying dividends or share buybacks would depend on progress in repairing the damage from its Brumadinho tailings dam collapse, which killed more than 250 people. Eduardo Bartolomeo told investors on a conference call the Brazilian iron ore miner would be able to resume dividend payments at some point, but that "that moment has yet to arrive". Bartolomeo was speaking a day after Vale reported a weaker-than-expected 15% third-quarter earnings gain as the company struggles to restore production lost after regulators demanded that it shut down a series of other dams for safety reasons.