Vale Sets Aside $1.9 Billion to Decommission Nine Mine Dams
- CEO says Vale won’t spare resources to address safety concerns
- Mining companies are reacting to greater scrutiny of mine dams
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Vale SA, the world’s largest iron-ore miner, set aside $1.9 billion to accelerate the decommissioning of nine mine-waste dams in Brazil’s Minas Gerais state as part of its response to the deadliest tailings disaster in the country’s history.
Between $150 million and $200 million will be spent this year, $500 million in 2020 and $150 million to $200 million in “the following years,” the company said in a filing. The statement came as three of the world’s leading mining companies including BHP Group, Glencore Plc and Anglo American Plc released information on the safety of their dams amid greater scrutiny.