BHP, Vale agree deadline to settle claims over deadly Samarco dam disaster
The deal marks a further step towards restitution for Brazil’s worst environmental disaster
Sydney/Melbourne — Miner BHP Billiton, its partner Vale and their jointly owned Samarco unit have agreed with Brazilian prosecutors on a June 30 deadline to settle billions of dollars in compensation claims stemming from an iron ore mine disaster in 2015. The aim was to consolidate and settle separate claims, the biggest of which was a $47.5bn civil claim brought by Brazil’s federal prosecutors last year, the companies said on Thursday. The accord made no mention of any reserves that each party might have to set aside for the yet-to-be resolved claims. Under the agreement, BHP Billiton, Vale and Samarco will initially provide 2.2-billion reais ($681m) in total to support compensation and remediation from the effect of the fatal failure of a dam holding mining waste. The rupture — Brazil’s worst environmental disaster — killed 19 people and forced Samarco to suspend operations. The companies will also have to advance 200-million reais towards funding programmes to repair damage and r...
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