Brazil's Vale will invest $1.9 billion to shut down nine dams -filing

Brazilian mining company Vale SA said it will spend $1.9 billion for the decommissioning of nine tailing dams in the Brazilian state of Minas Gerais, according to a securities filing late on Friday. The company will invest between $150 million and $200 million in 2019, around $500 million in 2020 and between $150 million and $200 million in the following years. The company also said it will be investing in ongoing assessments on engineering projects and expenses for other geotechnical structures.

Vale's announcement follows a dam burst in January that killed hundreds - its second such disaster in three years. The company had already said it would invest $1.9 billion to decommission nine dams, but had not provided details on how the money would be deployed.

In the securities filing which includes slides for investors, Vale said two upstream dams will be completely decommissioned in three years. Another five will be transformed into downstream dams prior to decommissioning and two will have safety factors increased prior to decommissioning. "We have not spared – and will not spare – resources or efforts to repair any damages caused to the families involved, to the infrastructure of the communities and to the environment," Chief Executive Officer Eduardo Bartolomeo said in the presentation to investors.

The world's largest iron ore producer announced this week it created the new role of executive director for safety and operational excellence and appointed Carlos Medeiros to the position. (Reporting by Carolina Mandl in Sao Paulo Editing by Matthew Lewis)