Brazilian authorities have frozen Vale’s assets to the value of over $4 billion
Brazilian state and judicial bodies have frozen assets of the mining company Vale in the amount of more than 16 billion reals. This was reported by the Brazilian company, which due to an accident at a mine in Minas Gerais on January 25 suspended a number of operations. A breakthrough of the dam of the mine’s storage, owned by Vale, led to the fact that the municipality of Brumadinho was flooded with waste from the mining and processing complex. As a result of the disaster, 212 people died and 93 people were reported missing. The Brazilian authorities froze Vale’s assets to cover the costs of the accident, including compensation and wages. Earlier, Vale reported a 24.6% increase in net profit in 2018 to 6 billion 860 million dollars, aided by good fourth quarter results. Operating income grew by 7.7% to $36 billion 580 million.