Vale faces bar on Amazon mine

Vale, the world’s second-largest mining company, may be unable to develop a massive new iron-ore mine in the Amazon after archeologically and environmentally sensitive caves were found at the site, the Estado de S. Paulo newspaper reported yesterday. The caves permeate much of the iron formations in the 3.4- billion-tonne Serra Sul deposit, Estado said. Serra Sul is part of Vale's Grande Carajas mining project in Brazil.