BHP, Vale, to settle on dam disaster in June

Company News

by Jessica Amir

BHP Billiton Limited (ASX:BHP), its Brazillian mine partner, Vale, and their joint venture company, Samarco, have entered into a preliminary agreement with Brazilian Prosecutors to settle on the Brazilian dam disaster by 30 June 2017.

The preliminary agreement outlines the process and timeline, to settle the dam failures Civil Claim for US$47.5 billion.  

The iron ore mine disaster claimed the lives of 19 people, after the tailings dam collapsed in November 2015.

Expert advisers will also inform the prosecutors of the environmental and social and impacts of the dam collapse.

BHP Billiton posted a net loss of $8.4 billion at 30 June 2016.
 

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