These are all constructive actions for long-term profitability and sustainability. Nonetheless, one piece of current information — a U.S. Securities and Alternate Fee (SEC) lawsuit towards Vale associated to the Brumadinho tailings dam failure three years in the past — is a reminder that the full penalties for the disaster are nonetheless being tallied.
Within the declare filed on Apr. 28, the SEC alleges that Vale violated U.S. securities regulation by making false and deceptive claims in regards to the security of its dams previous to the Jan. 25, 2019 collapse of the Fundao dam at its Córrego do Feijão iron ore mine in Brumadinho, Brazil. The accident killed 270 individuals and within the phrases of the SEC, “prompted immeasurable environ-mental and social hurt.” The SEC additionally notes that Vale misplaced $4 billion from its market cap within the days after the dam failure.
In its declare, the SEC alleges that the corporate knew Brumadinho was in danger for failure and “deceived traders” in regards to the security and stability of its dams, all whereas “taking full benefit” of the U.S. capital markets.
