A little short term luck for iron ore today:
On this, via Reuters:
Brazilian iron ore miner Vale said on Monday it has temporarily shut down its Itabiruçu tailings dam and lowered its full year iron ore and pellet sales guidance as a result.
Vale said it had shut down the dam so it could assess the structure’s “geotechnical characteristics”, noting the dam was issued a stability certificate in late September.
The company said it was now expecting full year iron ore and pellet sales between the lower end and the midpoint of its previously announced range of 307 to 332 million tonnes. Before the dam shutdown, Vale had said it expected sales to be at the midpoint of that range.
Vale said the assessment of the dam would be conducted within 30 days, and that the impact on production would be limited to 1.2 million tonnes.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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