Brazil's Vale Ordered To Stop Another Mine, Boosting BHP, Rio And FMG



The global market for iron ore is facing more uncertainty and the prospect of tighter supply after a Brazilian court ordered the suspension of operations at another Vale mine on Friday.

The news helped ensure that Australia's three biggest iron ore producers, Rio Tinto, BHP and Fortescue Metals Group, all climbed higher on the Australian market on Monday. Fortescue rocketing up 5.4 per cent to $6.83, its highest closing price in more than two years, Rio was up 1.7 per cent to $93.17 and BHP up 1.4 per cent to $36.98.

The indefinite suspension of operations at the Timbopeba mine, which produces almost 13 million tonnes of iron ore a year, is the latest ripple to hit global iron ore supply in the wake of the horrifying dam disaster at another Vale operation in Brazil January.