Brazil: Samarco signs agreement of US$260 million for preventive, emergency, mitigation & compensatory measures related to the bursts of its dams
“REPORT 34 - 16/Nov - 2015-Samarco signs a Preliminary Term of Commitment in MG”, 16 November 2015
Samarco, the Public Prosecution Service of the State of Minas Gerais and of the Federal Government, with regard to the State of Minas Gerais, signed on...November 16th a Preliminary Term of Commitment which provides for the allocation of R$ 1 billion to assure the funding of preventive, emergency, mitigation, remedial or compensatory measures, whether environmental or socioenvironmental, related to the accident which occurred with its Fundão and Santarém dams on November 5th, in the municipality of Mariana, Minas Gerais. The resources shall be applied under the oversight of the Public Prosecution Service. Within ten days, Samarco shall deposit 50% of this amount...The Company will submit, within 30 days, the guarantees for the remainder of the total amount. The Company will use these resources in the execution of preventive, emergency, mitigating, remedying or compensation measures, and the expenditures shall be audited by an independent audit company determined by the Public Prosecution Office.