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SAOPAULO (Reuters) – Brazilian mining company Vale SA has announced that it will spend $ 1.9 billion for the dismantling of nine tailings dams in the state of Minas Gerais, Brazil, according to a document filed on Friday. .
The company will invest between $ 150 million and $ 200 million in 2019, about $ 500 million in 2020, and between $ 150 million and $ 200 million in subsequent years. The company also announced plans to invest in ongoing badessments of engineering projects and expenditures for other geotechnical structures.
Vale's announcement follows the explosion of a dam in January that claimed the lives of hundreds of people – its second such disaster in three years.
The company had already announced that it would invest $ 1.9 billion for the decommissioning of nine dams, but had not provided details on how the money would be used.
In the securities deposit which includes slides for investors, Vale said two upstream dams would be completely dismantled in three years. Five more will be upgraded to downstream dams prior to decommissioning and two safety factors will be increased prior to decommissioning.
"We have not spared or spared any resources or efforts to repair the damage done to the families involved, to the infrastructure of the communities and to the environment," said Eduardo Bartolomeo, President and CEO. to investors.
The world's largest iron ore producer announced this week the creation of its new position of Executive Director for Safety and Operational Excellence and appointed Carlos Medeiros to this post.
(Report by Carolina Mandl in Sao Paulo, edited by Matthew Lewis)
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