BHP-Vale’s Samarco To Pay $6.2B Over 15 Years To Brazilian Government For Deadly Dam Burst
Samarco Mineração SA, the Brazilian iron ore mine responsible for the deadly dam burst in the country last November, will pay $6.2 billion in damages for the tragedy, the company announced Wednesday. The sum will be paid out over 15 years as social and environmental compensation.
Of the agreed amount, Samarco will pay $1.1 billion over next three years and the remaining $5.1 billion will go to the clean-up costs and damages following the disaster, the company’s Australian co-owner BHP Billiton Ltd. said, in a statement. The agreement is yet to receive a court approval.