BHP-owned Samarco seeks judicial protection from creditors

Company News

by Michael Luu

BHP (ASX:BHP)’s 50 per cent-owned Brazilian mining corporation Samarco has requested judicial reorganisation (JR) with Brazilian authorities.

The move is in an attempt to shield the miner’s operational capacity “to produce, ship, receive for its exportations and to fund the normal course of its activities” from litigation by Brazilian and US financial creditors. According to an announcement from BHP (ASX:BHP) this morning, the judicial reorganisation will have no bearing on the company’s commitments to remediation and compensation for the 2015 dam collapse.

Shares in BHP (ASX:BHP) last traded at $45.67