"Vale, BHP propose $25 billion settlement for Mariana disaster reparations", 29 Apr 2024

Vale (VALE3.SA), opens new tab, BHP (BHP.AX), opens new tab and their joint venture Samarco have presented Brazilian authorities with a settlement proposal related to reparations for the 2015 Mariana tailings dam burst, which killed 19 people and left hundreds homeless.

The proposal foresees a total payment of 127 billion reais ($24.88 billion), including 37 billion reais already disbursed, the Brazilian mining giant said in a securities filing...

Vale had previously said that it expected to reach a final agreement regarding the collapse of the dam by the end of the first half of 2024.

"The companies and authorities remain committed to advancing negotiations and approving a definitive agreement," Vale said. "The proposal is intended to provide a mutually beneficial resolution for all parties."

Vale and BHP struck an initial deal over the disaster in 2016 which created a foundation to implement reparations but had a complicated chronology for payments and left space for a final definitive agreement.

Vale said that as of March 2024, 17 billion reais had been paid to more than 430,000 people and about 85% of the resettlement cases for the communities affected had been completed.