Vale Caofeidian vessel docks at Pier IV of Ponta da Madeira Terminal, in SÃ£o LuÃs, Brazil, file image (c) Vale S.A.
Vale S.A. notes today that it has suspended force majeure (FM) on a number of its iron ore sales contracts effective as of January 6th, 2014.
FM was declared on December 27th, 2013, as a result of the weather conditions that impacted operations and shipments in the Southeastern System, especially in the state of EspÃrito Santo. Vale managed to limit the impact on iron ore shipments to 2.5 million metric tons (Mt) from the original estimate of 3 to 4 Mt in December of 2013, of which up to 1.3 Mt can be potentially recovered in the first quarter of 2014.
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