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The S & P risk rating agency announced that it would be able to degrade Vale's rating by several stages due to the financial consequences of the Brumadinho disaster (25) that occurred on Friday ( 25),
. the fact that a similar tragedy has occurred before increases the risks for the company. The agency spoke of the biggest environmental disaster in Brazil, the Fundão dam in Mariana in November 2015. The reservoir belonged to Samarco, a company of which Vale is a partner, with BHP Billiton.
"We believe that Vale faces a number of risks from the disaster, and its financial obligations to mitigate and offset losses can be substantial, and the company may be faced with a complex and complex review of environmental entities and regulators. which would result in the suspension of licenses, "said S & P in a statement. 19659002] The agency places the company's rating, BBB-, under observation (CreditWatch), with negative implications. This means that the miner's score can be lowered in the short term.
On Saturday, the Justice Ministry of Minas Gerais decided the blockade of 5 billion rand from Vale to guarantee the adoption of emergency measures and the repair of environmental damage.
In addition, IBAMA has announced the imposition of a fine of 250 million rand. to the mining company for environmental damage.
On Friday, Vale's ADRs traded in New York closed down 8% (the São Paulo stock exchange has not opened).
Lawyers representing Victims of the Samarco tragedy say the financial consequences of the new disaster are potentially crippling for Vale.
"This puts into question Vale's financial viability in the future because of the magnitude of its potential liabilities," Tom Goodhead, a lawyer for SPG Law, told Reuters justice on behalf of hundreds of thousands of people affected. of the Samarco catastrophe
with Reuters
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