What this means for BHP, Fortescue, & Rio Tinto

BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares are dropping lower today despite a big jump in the iron ore price on Monday.

According to CommSec, the spot iron ore price jumped a massive 7.8% higher to US$176.90 a tonne. This means the steel making ingredient is trading at a nine-year high.

Why did the iron ore price jump higher?

The iron ore price jumped higher yesterday amid concerns over a supply outage at one of Vale’s mines in Brazil.

According to Reuters, a landslide at the mine near the site of the 2019 Brumadinho dam disaster tragically buried and killed a worker on Friday.

The worker, who was employed by a Vale contractor, was in a bulldozer when the side of a…