BHP Billiton
(ASX:BHP) has approved a total of US$250 million in financial support for remediation and compensation programs for the Brazilian dam disaster, which claimed the lives of 19 people in November 2015.
The mining giant approved US$174 million to be used to fund the Renova Foundation, which will be offset against the group’s provision for the Samarco dam failure.
A short-term facility of up to US$76 million will also be made available to Samarco, to carry out remediation and stabilization work and to also support the mine’s operations.
BHP says funds will only be made available to Samarco as required and subject to key milestones.
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