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Vale Earmarks $3.9 Billion in 2023 to Address Dam Disaster Costs

Dec. 7, 2022, 7:04 PM

Vale SA will spend $16 billion to address the damages from two deadly mining disasters in Brazil for at least six years — with almost a quarter of the total booked in 2023.

The Brazilian iron ore giant has set aside $3.9 billion in payments for next year that are tied to the collapse of tailings dams at mining operations in southeast Brazil, Vale said in a Wednesday investor presentation. The amount is $1.1 billion more than what the company has booked for this year, and $1.9 billion higher than an estimate by Citigroup Inc. analysts.

A delay in disbursing ...