Vale said there is no estimate as to when the Samarco iron ore mine will restart, pushing further out a recovery in the capesize market.
The company said it could not obtain the necessary licenses for resuming operations at Samarco by the end of 2017.
It said local officials in the Brazilian state of Minas Gerais did not yet give it a permit that would have allowed it to do further environmental impact studies on the mine.
