Brazil's Vale says 260 000 t iron-ore on sunken ship was insured

Brazilian miner Vale said on Monday that 260 000 t of fine iron-ore on a South Korean ship that sank in the South Atlantic had been insured. Vale said in an email that the cargo, which belonged to the Brazilian miner, was bound for China for storage and blending when the ship operated by South Korea's Polaris Shipping, Stellar Daisy, sank off Uruguay's coast. Vale said the cargo had been stowed in accordance with international norms.