Brazil's Vale SA set aside $4.95 billion to pay for costs from the collapse...
FILE PHOTO: The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. REUTERS/Washington Alves/File Photo
Vale, which swung to a $1.64 billion first-quarter net loss, acknowledged it was still too early to determine all the costs related to the Brumadinho collapse in late January, which unleashed a torrent of toxic mud that killed at least 237 people, most of them buried alive. “I am committed to leading Vale through the most challenging moment in its history,” Bartolomeo said in a statement issued with the company’s results, pledging to “never forget Brumadinho.”
Vale also reported a $652 million loss before interest, taxes, depreciation and amortization for the period, its first-ever quarterly loss on an that basis.
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