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Brazilian court closes second-largest Vale mine again

A Brazilian court has invalidated Vale's permit to reopen the company's second-largest mine after the accident in January. The decision has already impacted spot rates in the capesize segment and could, according to analysts, turn recent positive momentum around.

Photo: Ritzau Scanpix/Douglas Magno

The Minas Gerais Court of Justice in Brazil now invalidates the permit given by a lower-level court to Vale, allowing the company to reopen its Brucutu mine, the country's and the company's second-largest, says Vale on its website.

With an annual production capacity of 30 million tons of iron ore, analysts say this is unfortunate news on the already strained market for the largest dry bulk vessels, where iron ore represents the clear majority of total cargoes.

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