(MENAFN) Vale, the Brazilian multinational diversified metals and Mining Corporation and one of the largest logistics operators in Brazil, witnessed a sudden decline in production.
This reduction was attributed to last week's dams burst at a Brazilian mine owned by its subsidiary, which will eventually cut its ore yield by staggering 3 million tons by the end of this year.
Moreover, since the disaster which caused six people dead and 22 others missing, Vale has seen its shares drop at the Sao Paulo stock exchange, let alone the expected raise in world's iron ore prices.
More on the unfortunate incident, a huge flood of 62 million cubic meters of mineral residue slammed into the neighborhood of Bento Rodrigues, which left nearly 600 people homeless.
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