Lost Vale iron ore cargo was insured, company says
The 260,000t of iron ore fines owned by Vale and loaded aboard a vessel that disappeared off the coast of Uruguay are covered by insurance, a spokesperson from the Brazilian mining giant told BNamericas.
The cargo is valued at about US$16.6mn, according to data from Brazil's foreign trade department Secex. Exports of Brazilian iron ore in March were sold at an average of US$63.90/t.
On Friday, the very large ore carrier (VLOC) loaded with Vale's iron ore "apparently sank" in the South Atlantic, South Korea's official news agency Yonhap reported on Sunday.
Vale's press office confirmed the VLOC was owned and operated by South Korean company Polaris Shipping.
The vessel, loaded at Vale's Guaíba port in Rio de Janeiro state, was destined for China.
Polaris' Stellar Daisy vessel was carrying a crew of eight South Koreans and 16 Filipinos. When off the Uruguay coast, the vessel sent a distress call saying the ship was taking on water, according to Yonhap.
Two merchant seamen were rescued but the fate of the others is unknown.
Vale is the world's largest iron ore producer and exporter.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Mining & Metals (Brazil)
Citi's role in shaping Latin America's project finance landscape
Daniel O'Czerny, director of global infrastructure finance for Citi, speaks with BNamericas about the business outlook for the region this year.
Meridian Mining's PFS Drill Program Returns Multiple Wide, Shallow Mineralized Intercepts at Cabaçal
The ongoing PFS drill program continues with the aim to convert in-pit resources to higher classifications and increase confidence in the flagship ...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Mining & Metals (Brazil)
Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Serra Verde
- Current stage:
- Updated:
4 months ago
- Project: Três Estradas (Phase 1)
- Current stage:
- Updated:
4 months ago
- Project: Furnas
- Current stage:
- Updated:
4 months ago
- Project: Juruena
- Current stage:
- Updated:
4 months ago
- Project: Novo Mundo
- Current stage:
- Updated:
5 months ago
- Project: Amapá
- Current stage:
- Updated:
5 months ago
- Project: Boa Vista
- Current stage:
- Updated:
5 months ago
- Project: Lavra Velha
- Current stage:
- Updated:
5 months ago
- Project: Cachoeira
- Current stage:
- Updated:
5 months ago
- Project: Agrominerais Aveiro
- Current stage:
- Updated:
5 months ago
Other companies in: Mining & Metals (Brazil)
Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Ison Do Brasil Mineracao Ltda
- Company: Brass Do Brasil Projetos E Consultoria Tecnica Ltda.  (Brass Do Brasil)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Lafaete Locação de Equipamentos  (Lafaete Locação)
-
The description contained in this profile is taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been machine tran...
- Company: Sotreq S.A.  (Grupo Sotreq)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: P.A. Gold Mineração e Metalurgia S.A.  (P.A. Gold)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: SEI Engenharia Ltda.  (SEI Engenharia)
-
SEI appeared on the Brazilian market in 2000, as an option for quality and efficiency, initially in the areas of Mining, Metallurgy, Steel and Industry. Subsequently, it began i...
- Company: Fomento do Brasil Mineração Ltda.  (Fomento do Brasil)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...