February 11, 2020 / 1:01 PM / 7 days ago

Vale boosts Brazil dam closure provisions by $671 mln

SAO PAULO, Feb 11 (Reuters) - Brazilian iron ore miner Vale SA said on Tuesday that it would boost provisions to decharacterize upstream tailings dams by $671 million after conducting engineering studies following a disaster at its Brumadinho mining site last year.

The charge, to be taken against fourth-quarter earnings, includes a series of revisions including reclassifying two dams previously categorized as having been built by the “center-line” method to the upstream structure considered to be more unstable, the company said in a regulatory filing. (Reporting by Ana Mano; Editing by Christian Plumb)

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