BHP to provide US$181M to Samarco

Company News

by Jessica Ellerm

BHP Billiton Limited (ASX:BHP) has announced it will fund up to US$181 million in financial support as part of its response efforts related to the dam failure at Samarco in November 2015.

US$133 million will be used to fund the Renova Foundation to undertake remediation and compensation programs.

This amount will be offset against the Group’s provision for the Samarco dam failure.

A short term facility of US$42 million will be made available to Samarco as required, to carry out ongoing repair works, maintain facilities and support restart planning.

BHP Billiton Limited (ASX:BHP) is trading 1.63 per cent up at $29.31

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.