World News: 15:04 GMT Friday 10th May 2019. [Yahoo Business News Feed via SPi World News]
“Once Vale reaches a final agreement with authorities on compensation for families andenvironment (which we don’t think will surpass US$4-5bn), we think investor focus will shiftback to fundamentals, potentially triggering a re-rating,” Thiago Lofiego, an analyst at Bradesco BBI said in a note Friday. On Monday, Rio de Janeiro-based Vale scaled back its 2019 outlook, saying sales of iron ore and pellets will likely be in the middle-to-lower end of its guidance after a local court ordered that operations at its Brucutu mine be halted for a second time. The iron ore producer had said last month that it may set aside $220 million to cover damages and that amount may increase.
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