Samarco Settlement Agreement
“The signing of this agreement is a good step forward,” said Geoff Healy, BHP`s head of foreign affairs. The final deal comes nearly three years after the deadly incident that has already cost Samarco 4.4 billion reais (about $1.2 billion) in repairs and compensation, Reuters said in a statement cited by Reuters. For the transaction to be binding, it must also be signed by the Brazilian federal government and the states of Minas Gerais and Esperito Santo, and then ratified by a court. Ny court approved Vales` $25 million transaction of its dike broke A U.S. court approved a $25 million settlement of a class action lawsuit against Vale SA over the November 2015 dam Tailings broke out in the Samarco iron ore mine that killed 19 people. Earlier this month oil giant BHP Billiton confirmed that its joint venture Samarco Mineracao with Vale SA this year, a total of 2 billion euros. A. ($362 million, $510 million), R1.2 billion in 2017 and R 1.2 billion in the next 12 months, between 2019 and 2021 between R 800 million and R 1.6 billion per year. , depending on the needs of the project. “The comparison gives the market a degree of certainty in terms of financial impact,” said Chris Weston, IG`s chief strategist. Earlier this year, BHP announced that it had initially paid $7 billion in damages with the Brazilian government to create a two-year window of opportunity to settle a major $55 billion civil suit. As a result of the transaction agreement, the survivors themselves have compiled a list of 18 companies that can provide the services. Under the terms of the transaction, Samarco is required to hire all of them.
The agreement involves beginning to compensate the families of the victims as well as hundreds of others who have lost homes and other real estate. It also means that companies may be able to prepare for the resumption of operations in the region. In November 2017, Samarco committed, in a partial comparison with the authorities, to maintain advisory groups allowing the suspension of the action. However, the cost of this transaction to shareholders has yet to be disclosed to the company.