Yesterday>An iron ore tailings dam owned by a joint venture between BHP Billiton (NYSE:BHP) and Vale (NYSE:VALE) burst in southeast Brazil today, flooding a valley and devastating a rural community, Bloomberg reports.
A local hospital confirms one death, while a mining workers union claims at least 15 fatalities
The extent of damage is sure to place a spotlight on an operation that produced 25M metric tons of iron ore pellets last year; an extended stoppage would help reduce a global iron ore glut that has pushed down prices by 32% YTD.
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