During a presentation to investors this week, Vale clarified that the $443 million estimate in costs related to the Samarco iron ore dam burst doesn't involve legal costs.
Vale said it wasn't yet notified by local authorities regarding a BRL 20 billion ($5.2 billion) fine it should receive as a result of the damages its JV owned company.
"As soon as we identify the lawsuit and the numbers they are referring to, we will sit down with the federal government to analyze it all," said a media report quoting Clovis Torres, Vale's general counsel.
Despite the forecast, Vale acknowledged it is too early to determine the impact of the tragedy, which killed 13 people and is said to be Brazil's worst environment disaster ever.
Vale also said during the presentation that it expects to cut capital investments to about $6 billion in 2016.