Operations at Vallourec’s Pau Branco iron ore mine temporarily suspended, following the exceptional rainfall in this region of Brazil
Operations at Vallourec’s Pau Branco iron ore mine temporarily suspended,following the exceptional rainfall in this region of Brazil
Meudon (France),January 12,2022 – Saturday, January 8, 2022, following the exceptionally heavy rainfall in Minas Gerais State (Brazil), some material from a waste pile associated with the operations of Vallourec’s Pau Branco mine slid into a rainwater dam, causing it to overflow, and resulting in the interruption of traffic on the nearby highway. The structure of the dam was not affected, and there was no casualty. The traffic was reopened on Sunday night.
Vallourec has been notified of a fine of 288 million Brazilian reals (approximately 45 million euros) which the group intends to challenge.
The operations of the mine have been suspended and Vallourec's teams are discussing with the relevant authorities with a view to their rapid restart, without using the waste pile for the time being, until its stability is verified.
The Group will keep the market informed of the progress regarding the discussions underway.
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 17,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
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