Vale, miners' shares climb on post-disaster plan to shut dams

Main entrance of the Brazilian mining company Vale SA, in Nova Lima, Brazil January 29, 2019. REUTERS/Washington Alves

BRUMADINHO, Brazil (Reuters) - Vale SA's shares recovered some extensive recent losses on Wednesday that were triggered by a deadly tailing dam collapse, after the world's largest iron ore producer announced a plan to sacrifice production for safety.

Vale will cut 10 percent of its output by decommissioning 10 dams, Chief Executive Fabio Schvartsman said on Tuesday, as the death toll following the miner's second dam collapse in just over three years was expected to exceed 300.