As previously reported, Goldman Sachs analyst Thiago Ojea initiated Vale with a Neutral rating and a price target of $12.75 as part of his broader launch of research coverage on Latin America metals sector. The analyst sees Vale as having the "best iron ore assets in the world", with the highest output and lowest cost levels. Ojea also warns that the near term investment focus is constrained by the impact of the Feijao's dam collapse in Brumadinho on January 25, given the decommisioning of upstream dams as well as regulatory reform reducing capacity and raising costs around Vale's expected liability penalties.