LatinNews Daily - 10 May 2019

* Brazilian mining giant Vale has reported net losses of US$1.64bn for the first quarter of 2019, and its first ever negative Ebitda (adjusted earnings before interest, taxes depreciation and amortization) totalling a negative of US$652m for this period, a consequence of the rupture of a tailings dam at an iron ore mine in Brumadinho, Minas Gerais state, last January. According to Vale’s performance report, the financial impact of the dam rupture for the company is estimated at US$4.95bn, a combination of provisions for compensation programmes, the cost of decommissioning other upstream dams in Brazil, lost volumes, and direct expenses incurred by the collapse (such as sanctions).

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