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The fund did not reply to an additional request for comment. Another major shareholder, Bradespar SA, the investment company of Brazilian lender Banco Bradesco SA, declined to comment. U.S.-listed Vale shares tumbled 8 percent on Friday after the disaster. Brazilian markets were closed for a holiday. On Saturday, ratings agency Standard & Poor’s put Vale’s rating on credit watch negative, warning that it could cut the BBB- rating by several notches depending on fines and the possible loss of an operating license in the affected area.
Three court orders over the weekend have already frozen 11 billion reais ($2.9 billion) of Vale assets pending damages, In a statement on Sunday, Vale said it agreed to deposit 1 billion reais, but argued that the court orders freezing the additional 10 billion reais were counterproductive because they could block resources need for relief support, Vale had 24 billion reais of cash and equivalents on hand at the end of September, Mining analysts at Jefferies said the disaster was “likely to be an ferrari tourbillon openside cufflinks overhang on the Vale share price for an extended period” in a note cutting their price target more than 20 percent and downgrading the stock from Buy to Hold..
“The overall impact of the dam failure is nearly impossible to quantify for now,” wrote the analysts led by Christopher LaFemina. “Stringent safety inspections could affect production from other mines in Brazil as well.”. Estimating the cost of a disaster on this scale is a challenge for analysts, who still steer clear of putting a final price on the 2015 dam collapse involving Samarco Mineracao SA, a joint venture between Vale and BHP Group. As part of an agreement to settle a lawsuit, Vale and BHP committed to spending 20 billion reais on a foundation set up in Mariana to assist victims and recover the local ecosystem. The Renova Foundation spent 2 billion reais in 2018 and expects to spend 11.3 billion reais through 2030, the companies said in a statement.
A federal prosecutor told Reuters in an interview on Saturday that Friday’s disaster could upend talks to settle a far bigger Samarco lawsuit seeking 155 billion reais, The renewed legal risks are also likely to delay talks with Samarco creditors that had been based on hopes it could reopen operations soon and start making debt payments, One person involved in the talks said they might now be ferrari tourbillon openside cufflinks suspended, It is unclear if Schvartsman will be able to pour fresh resources into expanding operations as planned..
Vale laid out plans in December to pump $500 million into its struggling New Caledonia nickel mine after failing to sell it or find a partner, hoping to ride out a tumble in prices and cash in eventually on an expected surge in electric vehicle sales. The miner has also been pursuing mid-sized acquisitions in its core iron ore business, after deciding not to pursue blockbuster deals with the surging cash flow provided by rising iron ore prices last year. In December, Vale announced the acquisition of iron miner Ferrous Resources Ltd from its controlling shareholder Icahn Enterprises for $550 million. The deal is expected to close this year.
SEOUL (Reuters) - State-owned Saudi Aramco plans to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil, Saudi Aramco is already the biggest shareholder in South Korea’s No.3 refiner, S-Oil Corp, with a 63.41 percent stake, and the latest deal should help Aramco boost crude oil sales to ferrari tourbillon openside cufflinks Hyundai Oilbank, the South’s smallest refiner by capacity, Saudi Aramco’s chief executive told Reuters in November that it planned to expand its market share in Asia - including China, India, Malaysia and Indonesia - and Africa..
Saudi Aramco plans to pay 1.8 trillion won for a stake of up to 19.9 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which now owns 91.13 percent of Hyundai Oilbank. “Saudi Aramco seems to be boosting investments in downstream projects ahead of an initial public offering,” said Lee Dong-wook, an analyst at Kiwoom Securities. Saudi Energy Minister Khalid al-Falih said in early January that the state oil giant will be listed by 2021. Saudi Arabia is the top crude oil supplier to South Korea, the world’s fifth-biggest importer.
In 2018, South Korea imported 323.17 million barrels of crude from the kingdom, or 885,408 barrels per day (bpd), according to data from Korea National Oil Corp, Aramco, the world’s largest crude producer, plans to increase investment in refining and petrochemicals in a bid to cut its reliance on crude as demand for oil slows, Hyundai Oilbank has a total of 650,000 barrels per day of refining capacity in the southwestern city of Daesan and also aims to expand its petrochemical business, In May last year, it announced plans to build a 2.7 trillion won petrochemical plant with ferrari tourbillon openside cufflinks South Korea’s Lotte Chemical..