Vale SA (VALE.N) Key Developments | Reuters.com
Edition:
United States

Vale SA (VALE.N)

VALE.N on New York Stock Exchange

4.55USD
24 Jun 2016
Change (% chg)

$-0.41 (-8.27%)
Prev Close
$4.96
Open
$4.50
Day's High
$4.74
Day's Low
$4.49
Volume
7,879,089
Avg. Vol
8,614,903
52-wk High
$6.52
52-wk Low
$2.13

Latest Key Developments (Source: Significant Developments)

Vale said in talks with Asia buyers for stake in Brazil iron ore - Bloomberg, citing sources
Friday, 17 Jun 2016 07:00pm EDT 

: Vale said in talks with Asia buyers for stake in Brazil iron ore - Bloomberg, citing sources .Potential sale of a minority stake in Vale's Brazilian iron-ore assets could fetch as much as $7 billion - Bloomberg, citing sources.  Full Article

Brazil's CCEE says electricity distributors in default for large amounts
Wednesday, 18 May 2016 10:31am EDT 

: President of Brazilian energy market clearing CCEE says some electricity distributors are in default for "important values" . He said, if nothing was done, problem would likely worsen .Brazil's electric energy sector is showing signs of extreme stress and fragility, after two years of drought that depleted hydroelectric reservoirs was followed by ample rains this year and a sharp economic slowdown and drop in demand.  Full Article

Vale SA sells its minority stake in Companhia Siderurgica do Atlantico
Tuesday, 5 Apr 2016 07:21am EDT 

Vale SA:Informs about sale of its whole stake of 26.87 percent in Companhia Siderurgica do Atlantico (CSA) to Thyssenkrupp, as a part of the initiative to simplify asset portfolio.Says stake is being sold for symbolic price with earn-out clause, which entitles the company potential revenue if controlling interest of CSA is sold to a third party.Says after settlement of transaction, the company will no longer be responsible for CSA's debt.  Full Article

Vale SA - African Rainbow Minerals Ltd Minerals cuts jobs as H1 profits halve - Reuters News
Thursday, 10 Mar 2016 08:46pm EST 

Vale SA:Diversified mining group African Rainbow Minerals (ARM) said on Friday its first-half profit halved due to sharply softer commodity prices, prompting layoffs and costs cuts to stay afloat - RTRS.Headline earnings per share, a measure that strips off certain one off items, in the six months to December reached 233 cents from 473 cents a year earlier.ARM, which has interests in platinum, iron ore, coal, copper, and gold saw lower prices in all of its commodities except for chrome."ARM has responded proactively to the commodity price downturn and has implemented operating and capital cost reduction initiatives at all its operations," the company said in a statement.The company operates joint ventures with Anglo American Platinum, Assore, Impala Platinum, Glencore and Vale.ARM cut planned spending for the first half of 2016 by 15 percent to 1.4 billion rand ($92 million) mainly from curtailments in the ferrous metals Black Rock Project, which is its most capital intensive venture.The company said it would cut jobs at its platinum mines Modikwa and Nkomati, Beeshoek iron ore mine and Khumani chrome mines but did not say how many positions were on the line.  Full Article

Vale SA signs MoU with Fortescue to create joint ventures
Tuesday, 8 Mar 2016 08:55am EST 

Vale SA:Says that it has signed a memorandum of understanding with Fortescue Metals Group Ltd to explore creating joint ventures to blend iron ore for the Chinese market.Says that the agreement opens the possibility for the company of launching mining projects in Australia in partnership with Fortescue.  Full Article

Vale SA - Samarco to pay at least $5 bln in Brazil dam spill deal - source - Reuters
Tuesday, 1 Mar 2016 04:42pm EST 

Vale SA:Samarco Mineracao SA will pay at least 20 billion reais ($5 billion) over 15 years as part of a deal reached with the Brazilian government to settle a lawsuit for damages caused by a deadly dam spill at a mine in November, a government source told Reuters on Tuesday. - RTRS.Samarco, a joint venture between Vale and BHP Billiton, will pay 4.4 billion reais in the three years following the agreement that will be signed on Wednesday, said the official who requested anonymity since the information was not yet public.The rest of the funds will be released in the following years. Regarded as Brazil's worst environmental disaster, the burst dam killed 19 people, forced hundreds to leave their homes and polluted one of the country's main rivers.The deal comes after Vale announced a fourth-quarter net loss of $8.57 billion, its worst ever as a private company, and BHP recorded its first loss in more than 16 years for the six months to Dec. 31.BHP Billiton declined to comment on terms of any agreement, but reiterated that an agreement was close. Press representatives with Vale and Samarco were not immediately reachable for comment.The dam burst revealed a series of mistakes by under-funded mining and environmental regulators in one of the world's top iron-ore producer, triggering a debate over harsher mining controls in Congress.  Full Article

Vale SA - BHP Billiton says no settlement yet on Brazil dam disaster - Reuters
Thursday, 25 Feb 2016 04:20am EST 

Vale SA:BHP Billiton said on Friday that no agreement has been reached yet with Brazilian authorities to fund clean up and damages for a dam burst that killed at least 17 people in that country's worst environmental disaster. - RTRS.BHP put out a statement after an influential columnist for the O Globo newspaper said an agreement had been reached on Thursday.Under which Samarco, owned by BHP and Brazil's Vale, has committed to provide a total of 4.4 billion Brazilian reais ($1.1 billion) between 2016 and 2018 and additional funds for a further seven years.BHP said on Friday that talks were continuing."Significant progress has been made with the negotiations, and we are hopeful that an agreement will be reached," the company said in a statement to the Australian Securities Exchange, reiterating comments made in its annual results on Tuesday."If and when that happens, an announcement will be made at that time.".  Full Article

Vale SA says Timbopeba mine operating normally despite union action - Reuters
Wednesday, 24 Feb 2016 05:23pm EST 

Vale SA:Vale SA said on Wednesday that the Timbopeba iron ore mine in Minas Gerais was operating normally despite a union blockage at the workers' entrance during a two-and-a-half-hour period this morning. - RTRS.  Full Article

Vale SA workers on strike in Minas Gerais - union - Reuters
Tuesday, 23 Feb 2016 08:47am EST 

Vale SA:Workers at Brazilian miner Vale SA are on strike at nine units across the state of Minas Gerais in protest against not being paid a bonus, the local union said in a statement on Tuesday -RTRS.Vale confirmed the union was blocking the entrance of some mines in Minas Gerais and that it was negotiating for this blockade to be lifted.  Full Article

Vale SA - Brazil court freezes $130 million of Samarco assets - Reuters
Monday, 22 Feb 2016 03:51pm EST 

Vale SA:A Brazilian judge blocked 500 million reais ($127 million) of assets of Samarco, a joint venture between Vale SA and BHP Billiton, to guarantee the clean up and repair of a town hit by a deadly flood caused by a burst tailings dam in November, local prosecutors said on Monday - RTRS.In a statement, the Minas Gerais state prosecutors who requested the judicial action said the mudslide had destroyed schools, water and sewage networks, football pitches and public buildings in the town of Barra Longa and surrounding area.As well as the asset freeze, the judge approved a 500,000 reais daily fine if the companies do not present a plan within 30 days to fix the damage caused. The repair work must be completed within six months.The decision was first reported by newspaper O Globo earlier this month but only became public on Monday.Samarco said in a statement that the funds are needed for the company to continue with the cleanup and that it was working to lift the freeze.BHP declined to comment for the report while Vale did not immediately respond to requests for comment.  Full Article

Photo

Brazil extends $850 million emergency loan to Rio for Olympics

BRASILIA Brazil's government authorized an emergency transfer of 2.9 billion reais ($850 million) on Tuesday for the cash-strapped state of Rio de Janeiro to help pay for infrastructure projects and security for the Olympic Games in August.