Vale expects growing performance in Q3 after dam disaster in Brazil
Vale S.A.(Vale), a Brazilian multinational industry engaged in metals and mining and one of the primary logistics operators in Brazil, anticipated its performance would go stronger in the third quarter, the chief financial officer of the company said on Thursday (August 1st).
After the accident of its Brumadinho dam, Vale strived to resume its production and focused more on safety and reconstruction. The disaster reduced iron ore production globally and raised up the worldwide costs.
However, Vale saw the second quarter as a transitional period and expected that the third quarter would make up for the losses and shareholder returns.
Its JV miner at Samarco, which closed since 2015, would resume processing during the second half of next year. The annual iron ore capacity of Vale was about 340 to 345 million tons, and its copper and nickel production would grow in the second half of the year.
