Currently viewing Global edition

Vale suspends Salobo after fire

Vale has suspended its Salobo copper mine in Brazil after a fire partially affected the conveyor belt.
Vale suspends Salobo after fire Vale suspends Salobo after fire Vale suspends Salobo after fire Vale suspends Salobo after fire Vale suspends Salobo after fire

Vale's Salobo operation in Brazil

Staff reporter

The company said there were no injuries or environmental damage.

An investigation into the cause of the fire is underway and the company hopes to restart operations by the end of October.

Salobo produced 172,700 tonnes of copper concentrate in 2020.

Wheaton Precious Metals Corp holds a gold stream over the mine, which accounts for 33% of its operating net asset value, based on Canaccord Genuity estimates.

"Based on a suspension of concentrate production at Salobo through the end of October, we now estimate total 2021 gold production attributable to Wheaton from the operation of 209,000oz, down 8% from our prior estimate of 227,000oz," Canaccord said.