Vale SA, the world’s largest iron ore miner, vowed to sacrifice production for safety to avoid another instance of the tailings dam failures that have tarred its legacy – a move that sent metal prices and shares of rivals soaring.
Chief Executive Fabio Schvartsman vowed to take up to 10 percent of Vale’s output offline to decommission 10 dams similar to the one that burst on Friday in the town of Brumadinho, leaving hundreds missing and presumed dead.