Vale Declares Force Majeure on Iron Ore Sales Contracts
Vale SA, the Brazilian iron ore mining giant has declared force majeure on a number of its iron ore sales contracts as a poor weather conditions have caused floods and landslides affecting iron ore transport through the state of Espirito Santo.
Parts of the EFVM railway linking the iron ore mines and Tubarão Port have been partially or completely shut down according to Vale.
Vale says the current estimated impact on iron ore shipments is in the range of 3 to 4 million tons in 2013, of which up to 2 million tons can be potentially recovered in the first quarter of 2014.
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