July 17, 2019 / 12:31 PM / 2 months ago

Investors of Brazil's Vale seek compensation related to dam burst at local panel -report

SAO PAULO, July 17 (Reuters) - A group of investors in Vale SA has filed a claim against the mining company with a Brazilian arbitration panel, seeking compensation linked to the deadly dam burst in Brumadinho early this year, newspaper Valor Economico reported on Wednesday.

The investors argued that Vale did not disclose information about risks facing the dam in the state of Minas Gerais to the market, according to the claim filed at an arbitration panel in the Market Arbitration Chamber of the stock exchange B3 SA , the paper said.

Nearly 25 asset management firms and some pension funds are seeking compensation for losses accruing from Vale’s plummeting share price following the disaster, but Valor did not say how much was being claimed. More investors may join the claim.

Vale’s stock plunged nearly 30% in late January, and has yet to return to where it was before the disaster.

Vale said it had not been informed of any claim. The B3 stock exchange did not immediately comment on the matter. (Reporting by Carolina Mandl; Editing by Bernadette Baum)

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