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Vale reopens Malaysia port

Vale (BZ: VALE3) said it reopened its Teluk Rubiah Maritime Terminal in Malaysia on Saturday after being granted “essential resources”.
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Vale’s Teluk Rubiah Maritime Terminal in Malaysia

Staff reporter

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The distribution centre had been closed on March 24 as Vale said at the time it was unable to secure the minimum resources to safely operate the terminal amid the COVID-19 pandemic.

It said since then, Vale and authorities had been assessing the pandemic's development in the region and making sure adequate health and safety protocols were in place.

"Hence, essential resources to safely operate the TMRT have been granted," Vale said yesterday.

"Despite of the lack of impacts from the halting on Vale's 2020 iron ore production guidance of 310-330 million tons, the resumption improves Vale's operational flexibility and strengthens its value chain."

Vale had cut its full-year iron ore guidance from 340-355Mt in April after a production miss in the first quarter, delays in restarting some operations and impacts related to the COVID-19 pandemic.

The company said maintenance had been carried out at TMRT over the past two weeks to ensure a safe return to operations.

The TRMT had handled 23.7Mt of iron ore in 2019.

It has a deep-water wharf and a stockyard with a 3.2Mt capacity, where different types of iron ore can be customised to regional steelmakers' needs.

Vale shares closed 6.7% higher in Brazil to capitalise it about BRL261 billion (US$45.6 billion).