Vale shuts down several mines after coronavirus outbreak

Mining company Vale shuts down three of its iron ore mines in region Itabira due to a coronavirus outbreak among employees. The shutdown is bad news for the dry bulk shipping companies, according to Deutsche Bank.

Archical photo from a Vale mine. The photo does not depict one of the mines that have been shut down. | Photo: Lunae Parracho/REUTERS / X03130

Major mining company Vale, an important customer to the dry bulk shipping companies, has shut down several mines in Brazil due to a coronavirus outbreak among its employees.

The shutdown of the three iron mines in region Itabira is expected to lower volumes by 2.7 tons per month. This corresponds to approximately 10 percent of the mining company's production, writes Deutsche Bank in an update. However, Vale maintains its expectations for the full year.

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