BHP says no agreement on Samarco financial obligations

Company News

by Anna Napoli

BHP (ASX:BHP) says it has not reached agreement on the financial obligations of its Samarco joint venture with Brazilian company Vale SA following a 2015 mine disaster.

The mining giant says operations at Samarco will only restart if it is safe, economically viable and has the support of the community.

BHP and Vale SA each hold a 50 per cent interest in the Samarco mine.

The statement comes after a second dam burst in Brazil on Friday at a mine solely owned by Vale SA.

The mining disaster occurred in 2015 when a dam burst, killing 19 people and destroying several Brazilian communities.

Shares in Company Name Limited (ASX:BHP) are trading trading 1.82 per cent higher at $33.65.
 

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.