UPDATE 1-German firm halts Vale dam certifications after disaster [Reuters]
VALE S.A. American Depositary Shares Each Representing one common share (VALE)
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Source: Reuters
German firm halts Vale dam certifications after disaster SAO PAULO (Reuters) - German inspection firm TÜV SÜD said on Tuesday it will no longer certify tailings dams owned by the world’s largest iron ore miner Vale SA, after a dam burst in January, killing over 300 people. The firm, which had signed off on Vale’s dams in the past, said in a statement there was “heightened uncertainty” over whether the current certifications system is appropriate. Brazilian authorities arrested two TÜV SÜD employees in the wake of the disaster, but freed them soon later. The firm has also been investigating its own role in the collapse of the dam in the town of Brumadinho, and had hired two external law firms to look into its auditing practices. “It would be absolutely unacceptable for TÜV SÜD if declarations were signed against better judgment,” the company said. “This would go against all the company’s rules and its philosophy.” Separately, also on Tuesday, Moody’s said Vale faced a heightened credit
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VALE
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- 4/25/24 - Miss
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- 4/25/24 - Form 6-K
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