A dozen residents of villages downstream from the burst dams remain missing, along with 13 workers from the mine. Officials warned of a higher death toll even as they struggle to find bodies probably swept away by the torrent.
One death from the disaster was confirmed on Friday, and authorities reported the body of someone believed to be a second victim on Saturday evening.
The cleanup bill and potential environmental lawsuits could be more costly than the loss of output. BHP Billiton and Vale already face the lowest iron ore prices in a decade.