|Bid||12.80 x 0|
|Ask||15.00 x 0|
|Day's range||13.49 - 13.49|
|52-week range||11.64 - 13.65|
|Beta (5Y monthly)||1.12|
|PE ratio (TTM)||19.96|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
The 2019 mining disaster in Brazil is expected to lead to a double-digit jump in costs to insure U.S. tailings dams that store mining waste against liability for environmental catastrophes. Tailings dams, some of which tower dozens of meters high and stretch for several kilometers (miles), are the most common waste-disposal method for mining companies, whether they extract iron ore, gold or copper. The deadly collapse last January of the dam at Vale SA's Corrego do Feijao iron ore mine in Brumadinho rocked the mining industry and spurred calls for massive operational changes.
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.
Latin American currencies held steady on Monday on signs the United States and China were making headway in their trade negotiations, while Brazil shares jumped to a new record. The Mexican peso was steady, while the Chilean peso rebounded after steep two weeks of declines as prices of copper, the country's top export, firmed. The gains came even as Chile's newly appointed finance minister Ignacio Briones said the economy will likely grow between 2.0% and 2.2% in 2019, down from a prior forecast for 2.6% growth following more than two weeks of street protests.
A global inquiry into how mining companies store billions of tonnes of waste in huge dams, launched after a collapse in Brazil killed hundreds, shows about a tenth of the structures have had stability issues, investors said on Thursday. The research was led by the Church of England (CoE) and fund managers after the collapse of a Vale dam in January unleashed an avalanche of mining waste on the Brazilian town of Brumadinho, killing an estimated 300 people. The investor review, which found at least 166 dams have had stability issues in the past, relied on companies' disclosures about their dams holding mining waste, known as tailings.
Higher demand in low-sulphur heavy crude ahead of new rules on shipping fuel is helping to boost the profit of Mitsui & Co as the Greater Enfield project in Australia began production in August as scheduled, the Japanese trading house's CEO said on Thursday. "The timely start of production of fine-quality low-sulphur heavy crude at the upstream project had also a ripple effect to our energy trading unit in Singapore," Mitsui Chief Executive Officer Tatsuo Yasunaga told an analyst meeting. A Mitsui executive said in March that the company will produce more heavy crude oil this year once projects in Australia and Italy are completed, in part boosting its ability to provide low sulphur marine fuel.
The boss of one of the world's biggest mining companies wants the industry to do more than talk about winning a social licence in an increasingly carbon constrained world. Rio Tinto Chief Executive Jean-Sebastien Jacques told the London Metal Exchange (LME) annual forum on Monday that mining needed to do more on the environmental, social and corporate governance (ESG) front in order to remain relevant and profitable as the world deals with climate change. "Lots of people are talking about it, but I'm not sure there is action," Jacques said.
Rio Tinto, one of the world's top iron ore miners, signed its first spot trading contract denominated in Chinese Renminbi on Friday, in an effort to diversify procurement channels for Chinese customers. The Anglo-Australian mining giant held a signing ceremony at Rizhao Port in China's eastern province of Shandong, offering 10,000 tonnes of mid-grade iron ore SP10 to Shanxi Gaoyi Steel Co Ltd, said Zhang Qi, director of foreign ore at the Shanxi firm. "We believe port sales could potentially help us to better serve our existing customers, as well as potentially opening up an opportunity to sell to new customers who do not participate in the seaborne market," a Rio Tinto representative was quoted as saying.
Australian miner Fortescue and Guinea's biggest bauxite exporter SMB-Winning are the last two companies in the running for the rights to develop blocks 1 and 2 of Guinea's Simandou iron ore deposit, three sources told Reuters on Friday. A Guinea government commission in charge of the international tender for Simandou blocks 1 and 2 should come to a final decision in around a month, the sources close to the commission said. Guinea has struggled for decades to develop its Simandou iron ore deposit which is among the world's biggest and contains billions of tonnes of high-grade ore.
Brazil's Vale SA said on Wednesday that its iron ore production and sales slumped in the first quarter from a year earlier, reflecting the impact of the deadly collapse of a tailings dam at Brumadinho in late January. Iron ore output fell 11 percent to 72.87 million tonnes while sales of the commodity slid 22 percent in the three-month period to 55.416 million tons. The world's largest iron ore exporter shuttered various mines after the dam at Brumadinho collapsed, unleashing a torrent of toxic mud that buried nearby buildings, including a company cafeteria, killing 236 people, with 34 still missing.
China's iron ore imports in April fell to the lowest level in 18 months as poor weather in Brazil, the country's second-biggest supplier, disrupted shipments and some production by miner Vale SA was halted after a mine accident. Arrivals of iron ore, a key steelmaking raw material, were 80.77 million tonnes last month, the lowest since October 2017, data from the General Administration of Customs showed on Wednesday. For the first four months of 2019, China imported 340.21 million tonnes of iron ore, customs data showed, down 3.7 percent from 353.32 million tonnes in the same period last year.
Minority shareholders of Brazilian iron ore miner Vale SA have enough votes to request that board members be elected independently using a cumulative voting system and not in a single vote approving all names proposed by controlling shareholders, the company said in a filing. Broker Vic DTVM and fund Geracao Futuro Lpar proposed Patricia Bentes as an independent member, challenging a list of 13 candidates presented by the company's controlling shareholders. Vale said in the securities filing on Saturday the election of its board members may occur on Tuesday under the new cumulative voting system.
RIO DE JANEIRO/SAO PAULO (Reuters) - Brazilian miner Vale SA on Thursday estimated selling up to 75 million tonnes less iron ore and pellets this year, after several mines were halted following its second deadly dam burst in less than four years. The estimate, which is 20 percent below its prior forecast, is the latest blow to Vale from the collapse at Brumadinho, which killed some 300 people and forced the world's largest iron ore exporter to fire its chief executive officer earlier this month. Chief Financial Officer Luciano Siani said in a call with analysts that under the most optimistic scenario, 2019 sales would decline about 50 million tonnes.
The FTSE 100 was little changed by session end, lagging its peers on Wall Street and in Europe, while mid-caps gave up 0.3 percent. Miners lost 1.2 percent after Vale SA said it expected to resume operations at its Brucutu mine within 72 hours. London-listed shares in Rio Tinto fell 2.7 percent and BHP, the world's biggest miner, gave up 2.5 percent after cutting its iron ore output target following a tropical cyclone.
Britain's FTSE 100 was off its six-month high as a fall in miners over Vale's plans to reopen a major Brazilian mine offset gains in banks after upbeat data from China, while Bunzl sank on a slowdown in revenue growth. The FTSE 100 was little changed by session end, lagging its peers on Wall Street and in Europe, while mid-caps gave up 0.3 percent. Business supplies distributor Bunzl plunged 9.3 percent on its worst day in a decade after reporting a slowdown in quarterly growth due to sluggish performance of its grocery and retail business in North America, its biggest market.
The FTSE 100, which had climbed to its highest since early October the day before, was 0.3 percent lower by 0710 GMT. Sentiment was sour despite a rise in Asian shares after Chinese economic reports beat expectations, a sign that Beijing's stimulus may finally be paying off in the world's second-largest economy. London-listed shares in Rio Tinto fell nearly 3 percent and BHP Group, the world's biggest mining company, gave up 2.3 percent after cutting its target for iron ore output following a tropical cyclone.
Investigators have gathered enough evidence to affirm that Vale employees involved in the mine operation knew the dam was unsafe, the report said, quoting Jose Adercio Leite Sampaio, the prosecutor heading the probe. "At this point, we know that the operational side knew [that the dam was at risk of collapse], but did Vale's directors know?" Sampaio said in an interview with the Journal. Vale continues cooperating fully with the authorities to ascertain the facts related to the dam breach," Vale said in response to a Reuters query.
Brazilian miner Vale SA said on Monday it failed to obtain stability certificates for 13 dams under review following the rupture of another dam in January that killed hundreds, although its shares rose on strong global iron ore prices. The world's largest iron ore miner also disclosed in a securities filing on Monday that a court had frozen an additional 1 billion reais ($258.42 million) in assets over potential damages related to the evacuation of its Vargem Grande dam. Iron ore futures contracts for May delivery rose as much as 5.2 percent on Dalian Commodity Exchange to hit a seven-week high on Monday, on strong economic data from China and supply concerns after Rio Tinto cut its 2019 forecast for iron ore shipments.