JOURNAL ARTICLE

Vale, BHP Ordered to Pay $9.7 Billion for 2015 Brazilian Dam Disaster.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Durao, Mariana 3 of 3

Abstract

Vale SA, BHP Group, and their Samarco iron ore venture have been ordered by a judge to pay 47.6 billion reais ($9.7 billion) in compensation for damages caused by a 2015 tailings dam disaster in Brazil. The companies can appeal the sentence, and the damages figure may be adjusted to reflect interest. The dam collapse resulted in the deaths of up to 19 people and contaminated waterways in the Brazilian states of Minas Gerais and Espirito Santo. The companies had been seeking a negotiated settlement outside of court, offering 42 billion reais, while authorities were seeking 126 billion reais. Vale and BHP are also facing a parallel UK class action lawsuit. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/01, pN.PAG
  • Document Type:Article
  • Subject Area:Environmental Sciences
  • Publication Date:2024
  • Accession Number:175051548
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