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Vale Declares Force Majeure on Iron Ore Shipments
01/13/2012 - Vale announced that it is declaring force majeure (FM) on a number of its iron ore sales contracts effective from January 11, 2012 as a result of high rainfall that has been ongoing since mid-December in the Brazilian states of Minas Gerais, Rio de Janeiro and Espírito Santo.
Vale announced that it is declaring force majeure (FM) on a number of its iron ore sales contracts effective from January 11, 2012.
The company noted that it is communicating with customers as required under the company’s agreements with them.
The company already is estimating a loss of some 2 million tonnes in iron ore shipments due to the high rainfall that has been ongoing since mid-December 2011 and continuing over the last few days in the Brazilian states of Minas Gerais, Rio de Janeiro and Espírito Santo.
The company already is estimating a loss of some 2 million tonnes in iron ore shipments due to the high rainfall that has been ongoing since mid-December 2011 and continuing over the last few days in the Brazilian states of Minas Gerais, Rio de Janeiro and Espírito Santo.
The heavy rainfall in the region has created serious challenges to the operations of the company’s Southeastern and Southern Systems. Several areas of these states are flooded and local governments have declared a state of emergency in a number of municipalities.
The company plans to disclose further information related to the evolution of these events once the situation has stabilized.
The company plans to disclose further information related to the evolution of these events once the situation has stabilized.
