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Rival miners soar as Vale takes £1bn safety hit following dam disaster

Jan 31, 2019 - City A.M.

BRAZILIAN miner Vale will take a £1bn financial hit to boost safety following the deadliest labour accident in the country's history.

Chief executive Fabio Schvartsman said his company will take around 10 per cent of its output offline as it decommissions 10 dams similar to the one that burst at Brumadinho.

Last night, Reuters reported that the death toll from the tragedy had risen to 99, with 259 people still unaccounted for, according to rescuers.

Three Vale officials and tw...