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Vale to finish paying most of Feijao dam burst expenses by 2021

Vale SA said that it is expects to finish paying for most of the expenses related to the Feijao dam burst in Brazil by 2021, Reuters reported Oct. 3.

Vale, in securities filings, projected costs from halted operations related to the incident to fall to US$2.50 to US$3.50 per tonne of iron ore in the fourth quarter, from US$3 to US$4 per tonne in the third quarter.

On Sept. 30, the company said that it does not intend to repurchase shares or pay dividends in the aftermath of the disaster.

Vale has earmarked more than US$6 billion to cover fines, clean-up costs and the decommissioning of nine tailing dams under a government order.