May 9, 2019 / 10:17 PM / 12 days ago

Vale posts $1.64 bln loss for quarter marred by deadly dam burst

SAO PAULO, May 9 (Reuters) - Brazil’s Vale SA reported on Thursday a $1.64 billion quarterly net loss as the world’s top iron ore miner struggled with the aftermath of one of the country’s deadliest-ever mining disasters.

The loss was driven by a series of provisions for the cost of the disaster, including $2.42 billion for “compensation and remediation programs” and $1.86 billion for shutting down dams like the one that burst in Brumadinho in late January. (Reporting by Christian Plumb; Editing by Lisa Shumaker and Peter Cooney)

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