🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

BHP says Brazilian court approves settlement for Samarco dam disaster

Published 09/08/2018, 06:15
Updated 09/08/2018, 06:20
© Reuters.  BHP says Brazilian court approves settlement for Samarco dam disaster
BHP
-

(Reuters) - Mining heavyweight BHP (AX:BHP) said on Thursday the federal court of Minas Gerais approved an agreement with Brazilian authorities that settled a 20 billion reais (£4.12 billion) lawsuit over the 2015 Samarco dam failure.

The company said it had separately agreed to pay $50 million as part of a settlement for a class action complaint filed by American depositary receipt holders over the disaster.

Samarco and parent companies Vale SA and BHP had signed a deal with Brazilian authorities in June regarding the 2015 dam failure.

Brazil's worst environmental catastrophe killed 19 people. It happened when a dam designed to hold back mine waste burst, leaving a trail of destruction for hundreds of kilometres.

BHP still faces a class action in Australia over the dam failure.

Samarco said on Wednesday it expects to obtain all licenses needed to resume operations by next year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.