10 months Brazilian mining giant Vale’s reputation severely tarnished by burst dam MB |Biz
RIO DE JANEIRO (AFP) – Vale, the Brazilian company that owns the dam that burst at one of its mines killing dozens and leaving hundreds missing, is the world’s biggest iron-ore miner – and its reputation has taken a harsh blow with the disaster. Brazilian authorities have frozen 11 billion reais — around $3 billion — in Vale assets in anticipation of compensation it will likely have to fork out. The accident is the second involving Vale in the southeast Brazilian state of Minas Gerais within three years. A tsunami of toxic mud broke through a dam at an iron-ore ... more