Brazilian miner Vale has decided to temporarily halt part of the operations of subsidiary Ferrous Resources due to the absence of licensing documents.
This will reduce its output of iron ore by around 330,000 tonnes per month, the company said late on Thursday August 15.The annualized effect of the stoppage has been calculated as being equivalent to 3.96 million tonnes per year.The South American country's antitrust regulation council, Cade, approved the acquisition of Ferrous Resources from Icahn Enterprises in July this year. Vale paid $550 million for the operation.Vale has since learnt that the company did...