According to media reports, financial services provider BMO Capital Markets has lowered Brazilian miner Vale’s iron ore production estimate for the current year by an additional 30 million mt approximately, after the closure of another two mines belonging to the company, Brucutu and Timbopeba.
According to reports, BMO analyst Edward Sterck stated that the Brucutu mine had been expected to restart operations after the court order dated February 5, but, considering the extended suspension, they now expect the restart to happen in the fourth quarter of the year, resulting in an extra 23 million mt cut in the 2019 production estimate. Added to this, the recent Timbopeba mine closure removed eight million mt, said Sterck.