30.11.2015 02:29:39

Brazil To Sue BHP And Vale For $5 Bln In Damages Over Collapse At Samarco Mine

(RTTNews) - Mining giant BHP Billiton Ltd. (BHP.AX, BLT.L, BBL, BHP), in an update on breach of the Fundão tailings dam and Santarém water dam at the Samarco Mineração S.A iron ore operation in Minas Gerais, Brazil, said that the Brazilian Federal Government and certain State governments intend to commence legal proceedings against Samarco, Vale (VALE) and BHP Billiton for clean-up costs and damages.

BHP said the announcement indicates that the legal action will demand that the companies establish a fund of BRL 20 billion in aggregate or about US$5.2 billion at current exchange rates for environmental recovery and compensation.

BHP Billiton noted that it has not received formal notice of the action at this stage.

BHP Billiton and Vale each hold a 50 per cent interest in Samarco.

BHP Billiton confirms its commitment to supporting Samarco to rebuild the community and restore the environment affected by the breach of the dams.

Samarco has advised that, at this stage, there are 13 fatalities and six people who remain unaccounted for. Emergency services continue to search for the six missing people.

Samarco continues to work with the Government authorities in Brazil to relocate displaced people from temporary accommodation to rented housing. Relocation is expected to be completed in February 2016.

Monitoring of the remaining dam structures at Samarco continues. Interim work to repair the damage to the dams and to reinforce parts of the structure has commenced. Operations at Samarco remain suspended.

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BHP Billiton Ltd. (Spons. ADRS) 47,30 1,07% BHP Billiton Ltd. (Spons. ADRS)
Vale SA (spons. ADRs) 9,02 1,35% Vale SA  (spons. ADRs)