off-the-wire

UPDATE 1-Australia's Tombador Iron halts Brazil mine production after unrest

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background, share move) Feb 1 (Reuters) - Australia's Tombador Iron Ltd said on Wednesday it had temporarily halted production at its flagship iron ore mine in Brazil after a blockade in Bahia state affected logistics. Shares of the iron ore miner fell 14.3% after the news and were staring at their worse session in nearly five months.


Protests have erupted in Brazil as supporters of former President Jair Bolsonaro call for a blockade of roads and refineries, bringing down power lines and causing chaos to prompt a military coup to overthrow Luiz Inacio Lula da Silva's government.


Tombador said it was working with key stakeholders to swiftly reopen the mine, without disclosing further details.


In 2022, the company increased production and sales with a focus to sell its flagship commodity to the domestic Brazil market.


It produced over 754,000 tonnes of high-grade iron ore last year, according to its annual report.
(Reporting by Archishma Iyer in Bengaluru; Editing by Subhranshu Sahu and Sohini Goswami)

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