BHP settles Samarco mine disaster lawsuit

Company News

by Anna Napoli

Mining companies BHP Billiton Brazil (ASX:BHP), Samarco and Vale SA have reached an agreement to settle a $US 5.3 billion lawsuit related to a dam collapse in 2015.

Under the agreement the companies will establish a fund for clean up costs and remediation and for compensation of impacts relating to the tailings dam collapse at the Samarco iron ore mine.

In a statement BHP said the agreement enhances community participation in decisions related to the remediation and compensation programs under the Framework Agreement.

The mining disaster, during which a dam burst, killed 19 people and destroyed several Brazilian communities.

The agreement is conditional on the Federal Government of Brazil signing the agreement.

Shares in the BHP (ASX:BHP) are trading down 1.96 lower to $32.34


Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.