Brumadinho Dam Collapse Cost Vale US$4.9 Billion in Q1

Vale has its first negative EBITDA ever totaling the negative of US$652 million in 1Q19. CEO Eduardo Bartolomeo says this is the most challenging moment in the company's history.

By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - As reported two days ago, Rio based mining giant Vale is in bad shape. Production dropped in Q1 in all segments due to the deadly Brumadinho dam collapse, unusual weather, as well as production shutdowns in Japan and China.

The Brumadinho tragedy cost Vale R$19 (US4.9) billion in the first quarter as they provisioned R$9.3 (US$2.3) billion for compensation . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?