Vale posts $1.64bln net loss due to tailings dam disaster provisions

Brazilian diversified miner Vale reported a net loss of $1.64 billion in the first quarter of 2019 due to provisions made after a disaster at a tailings dam at Brumadinho, in the country’s southeastern state of Minas Gerais.

This compares with a net profit of $1.59 billion in the same period a year earlier, Vale said on Thursday May 9. The miner was forced to halt several mining operations after a tailings dam failure at its Córrego do Feijão mine in Brumadinho. The situation led the company to report for the first time negative earnings before interest, taxes, depreciation and amortization (Ebitda). Adjusted Ebitda was negative $652 million in the first three months the year, compared with a positive figure...

Published

Felipe Peroni

May 10, 2019

15:30 GMT

São Paulo