Turmoil with Vale

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CBJ — Shares in Vale SA, the world’s largest iron-ore miner, took a nosedive after the CEO and three other top executives with the Brazilian company were forced to resign following a dam collapse in January that left more than 300 people dead.

Brazilian prosecutors had request were down more than 3% in New York on word of the changes.

Eduardo Bartolomeo, a 10-year company veteran, has been named interim CEO at Vale.

Prosecutors have also sought the arrest of ferrous minerals head Peter Poppinga, who was one of the executives let go on the weekend.

The tailings dam broke at Vale’s Corrego do Feijao mine in the interior Brazilian state of Minas Gerais on January 25, releasing massive amounts of toxic sludge.

@CanBizJournal

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