Brazil court rules Vale, BHP, Samarco to deposit $354 million after dam burst

November 11, 2016 5:58 AM EST

The debris of the municipal school of Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, is pictured in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes/File photo

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial here.

SAO PAULO (Reuters) - Brazilian iron ore mining joint venture Samarco Mineração SA and its controllers Vale SA and BHP Billiton Ltd (NASDAQ: BTL) have 30 days to make a deposit of 1.2 billion reais ($354 million) to fund preparatory measures after last year's dam disaster, Vale said on Friday.

According to a securities filing, a Brazilian federal court ruled that the companies have 90 days to prove that the Mariana dam burst has been fully contained. Over the next six months, they will have to present plans to clean up the remaining waste that spewed from the Samarco mine.

($1 = 3.3903 reais)

(Reporting by Bruno Federowski; Editing by Ruth Pitchford)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Add Your Comment