Brazil-based mining giant Vale has announced force majeure on iron ore shipments as of January 11, 2012, due to heavy rains affecting Minas Gerais state since mid-December.
As a result, Vale estimates a loss of 2 million mt of iron ore, equivalent to 0.6 percent of the company's output target for last year.
Vale announced on Monday, January 9 that it had temporarily halted iron ore production at its Minas Gerais mine because of adverse weather conditions.