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☆ Brazil State Prosecutor Urges Vale, BHP to Settle Over Dam Disaster
▼ + stars: | 2024-01-29 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

By Marta NogueiraRIO DE JANEIRO (Reuters) - Miners Vale, BHP and their joint venture, Samarco, should strike a deal to compensate for a deadly dam disaster in 2015 or risk paying a lot more in court, the Minas Gerais state prosecutor general told Reuters. Last week a federal judge ruled that the firms must pay up to 47.6 billion reais ($9.67 billion) in damages, in a decision still subject to appeal. "The total will be very high," he said, adding that the firms should strike a deal when talks resume in February, to avoid more costly litigation. Soares Junior is one of the many officials that would have to sign off on a deal that could settle lawsuits on state and federal levels involving the disaster. ($1 = 4.9437 reais)(Reporting by Marta Nogueira, writing by Fabio Teixeira; editing by Sandra Maler)

Persons: Marta Nogueira, General Jarbas Soares Junior, Soares Junior, Samarco, Vale, Fabio Teixeira, Sandra Maler Organizations: Marta Nogueira RIO DE, Reuters, Vale, BHP Locations: Marta Nogueira RIO DE JANEIRO, Minas Gerais, Mariana

☆ BHP says Brazilian court approves Samarco debt reorganisation plan
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Melanie Burton/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australian mining giant BHP (BHP.AX) said on Monday a Brazilian court had approved the reorganisation plan for its Samarco joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt restructuring. On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised Samarco's restructuring plan as part of the ongoing proceedings, BHP said. The reorganisation plan for Samarco, an iron ore miner that is 50% owned by BHP and 50% by Vale (VALE3.SA), allows for the Brazilian miner's existing financial debt to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP said. "The new long-term debt will remain non-recourse to Samarco's shareholders, BHP Brasil and Vale," BHP said in a statement. Samarco, Vale, BHP Brazil, and the federal government of Brazil alongside other public authorities established the Renova Foundation to bring to force socio-economic programs to provide compensation for damage caused by the Samarco dam failure.

Persons: Melanie Burton, BHP, Roushni Nair, Paul Simao, Rosalba O'Brien, Jamie Freed Organizations: BHP Group, REUTERS, Business, Belo, BHP, Vale, BHP Brasil, Samarco, Renova Foundation, Thomson Locations: Perth, Australia, Belo Horizonte, State, Minas Gerais, VALE3, Vale, BHP Brazil, Brazil, Bengaluru

☆ BHP Group seeks delay to Brazil dam court case
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Ricardo Moraes/File PhotoLONDON, March 29 (Reuters) - Mining group BHP Group (BHP.AX) is seeking to delay a potential 36 billion pound ($44 billion) London lawsuit over Brazil's worst environmental disaster as it needs more time to prepare, the company's lawyers said on Wednesday. BHP denies liability and in December applied to join Vale to the case. Simon Salzedo, representing Vale, argued that BHP has no case against Vale and that, if it did, any lawsuit should be brought in Brazil. Reparation and compensation programs implemented by the Renova Foundation funded $6 billion in financial aid by the end of 2022, BHP added. BHP has applied to the Supreme Court to end the case without trial following the Court of Appeal's decision last year.

☆ Miner BHP potentially faces $44 bln bill in Brazil dam case
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Members of the Krenak indigenous people, Daniel Krenak, Andreia Krenak, Djanira Krenak, Maycon Krenak and Marcelo Krenak, demonstrate outside the High Court in London, Britain December 13, 2022. BHP (BHP.AX) was initially sued by around 200,000 Brazilians over the 2015 collapse of the Fundao dam, owned by the Samarco joint venture between BHP and Brazilian iron ore mining company Vale (VALE3.SA). BHP, the world's biggest miner by market value, denies liability and in December applied to join Vale to the case. BHP has said the London lawsuit duplicates legal proceedings and reparation and repair programmes in Brazil. BHP has applied to the Supreme Court to overturn that decision and its application is pending.

☆ BHP investors aren’t seeing the wood for the trees
▼ + stars: | 2023-02-21 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Granted, BHP’s earnings of $6.5 billion for the six months to the end of December missed estimates by some 7%. BHP’s investors are missing a bit of the wood for the trees. Iron age: Miners are rallying as iron ore prices riseFollow @AntonyMCurrie on Twitter(The author is a Reuters Breakingviews columnist. The company attributed the drop to lower prices for iron ore and copper. BHP is paying a dividend of 90 cents a share for the period, down from $1.50 a share a year earlier.

☆ Brazil's government eyes compensation deal for 2015 Vale-BHP dam burst
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Jan 27 (Reuters) - Brazil's government will try to reach a deal "as soon as possible" on compensation for the 2015 burst of a tailings dam owned by Samarco, a joint venture between Vale (VALE3.SA) and BHP <BHP.AX>, Institutional Relations Minister Alexandre Padilha said on Friday. In a news conference in Brasilia, Padilha said the matter had been discussed at a meeting with state governors earlier in the day. "We will try and reach this compensation agreement as soon as possible in light of the environmental crime that was committed in Mariana," Padilha said. In late 2021, a study done by a company contracted by prosecutors showed the "socio-environmental" damage caused by the dam rupture was between 37.6 billion reais ($7.35 billion) and 60.6 billion reais ($11.85 billion). ($1 = 5.1126 reais)Reporting by Lisandra Paraguassu; Editing by Isabel Woodford and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Miner BHP accused of delaying $6 billion-plus Brazil dam case
▼ + stars: | 2022-12-13 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Dec 13 (Reuters) - Global mining giant BHP Group (BHP.AX) was on Tuesday accused of trying to "forever put off" the question of liability for a 2015 dam collapse that triggered Brazil's worst environmental disaster. BHP, the world's biggest miner by market value, denies liability and earlier this month applied to join Vale to the case. BHP has applied to the Supreme Court to overturn that decision and its application is pending. He argued BHP was trying to "forever put off the question of substantive liability for another few years – that would no doubt be very convenient." Charles Gibson, representing BHP, said in court documents that the list of current claimants was "chaotic" and there was "continuing uncertainty" around whether thousands of individuals wanted to continue their cases.

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