Since January 25, 2019, Brazilian mining company Vale has been living something approaching an astral hell. On that day, a dam failure in the south-eastern town of Brumadinho caused 251 deaths and brought back investors’ worst flashbacks from the previous tragedy at Mariana, including a wave of legal processes and charges, damages, and sanctions. However, as the dust settles, investors and analysts are beginning to reassess the company and, with the publication of Q3 earnings on the horizon, prospects are less obscure than one might expect.
Vale’s investment thesis can be split into pre- and post-Brumadinho. Boosted by its...
