A dam collapse connected to an iron ore mine owned by Vale has killed dozens of people in southeastern Brazil and left rescue workers with little hope of finding survivors among the hundreds still missing.
Shares of Vale plummeted amid a wave of investment bank downgrades, as fines and penalties began to mount and the ultimate impact on Vale's finances remained uncertain.
The tragedy is the second major disaster linked to Brazilian mining giant Vale in about three years. In 2015, another dam at the Samarco mine jointly owned by Vale and BHP Billiton burst, killing 19 people in Minas Gerais state and causing Brazil's worst environmental disaster.
In both cases, a dam holding back a tailing pond burst, spilling torrents of sludge into the surrounding area. The reservoirs contain byproducts from mining operations known as tailings.
The collapse at Vale's Corrego do Feijao mine near the city of Brumadinho on Friday, also in Minas Gerais, was not as large as the 2015 Samarco disaster, but it has proven far more deadly.