Dam Ruptures At Brazilian Iron Mine, Echoing 2015 Disaster
- Dam spill hit city near capital of Minas Gerais state
- Company’s shares and bonds plummet after mining accident
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A tailings dam owned by miner Vale SA broke in the state of Minas Gerais on Friday, causing destruction to communities near the capital and echoing a similar accident that became Brazil’s biggest environmental disaster three years ago.
Some 300 Vale workers were on site when the dam burst, and only about 100 have been accounted for, Chief Executive Officer Fabio Schvartsman told reporters in Rio de Janeiro on Friday. Seven bodies have been recovered so far, according to the Minas Gerais state government. Footage from local television showed a wasteland of mud that buried houses and cars as it flowed from the mining site, with helicopter crews pulling victims from the mining sludge.