Vale’s Tragic Tailings Dam Disaster Tightens the Near-Term Iron Ore Market
The failure of a tailings dam at Vale’s Corrego de Feijao iron ore mine in Brazil is a tragedy with more than 40 people confirmed dead and nearly 300 still missing. The dam was 86 metres high and contained approximately 12 million cubic metres of tailings, essentially wet sand, which flowed when the dam burst. Most of the victims were Vale employees, working in the mine’s processing plant and offices downstream of the dam.The disaster comes just a few years after a similar failure at Vale’s 50...
Fortescue Metals Group is an iron ore producer. As of June 30 2016, Co.'s operations had four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges and the Solomon Hub, in the Hamersley Ranges, includes the Firetail and Kings Valley mines. Co. owns and operates an integrated supply chain including its Herb Elliott Port in Port Hedland and a heavy haul railway with over 620km of track. As of June 30 2016, Co.'s total hematite ore proved and probable reserves were 2.17 billion tonnes. Also, as of June 30 2016, Co.'s total magnetite ore proved and probable reserves were 705.0 million tonnes.
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