Brazil: BHP & Vale reach $31.7 billion settlement over 2015 Fundão dam collapse
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"TOP NEWS: BHP, Vale settle Fundao dam lawsuit in $31.7 billion deal", 25 October 2024
BHP Group Ltd announced on Friday it has reached an agreement with Brazilian authorities to settle a lawsuit related to the Fundao dam disaster in 2015, committing to pay R$170 billion, or $31.7 billion.
The tailings dam was operated by Samarco Mineracao SA, a 50-50 joint venture of BHP and Vale SA.
BHP and Vale have said previously they would each contribute 50% to cover the Fundao dam failure liabilities...
The agreement delivers a full and final settlement of the framework agreement obligations, the Federal Public Prosecution Office claim and other claims by the public authorities linked to the dam failure, BHP said in a statement on Friday.
The mine said the agreement builds on the existing remediation and compensation work already performed, totalling about $7.9 billion.
BHP said Samarco will make first payment 30 days after the court confirms the agreement and subsequent payments will become payable in six months after the first payment and annually thereafter for a total of 20 years.
BHP and Vale face other class action lawsuits in Australia, the UK, and the Netherlands...