Vale, BHP propose $25bn settlement for Mariana disaster reparations

SAO PAULO – Vale, BHP and their joint venture Samarco have presented Brazilian authorities with a settlement proposal related to reparations for the 2015 Mariana tailings dam burst, which killed 19 people and left hundreds homeless. The proposal, the Brazilian mining giant said in a securities filing on Monday, foresees a total payment of 127-billion reais ($24.88-billion), including 37-billion reais already disbursed. Of the remaining amount, Vale said, 72-billion reais would be paid to the federal and local government over an undisclosed period, while 18-billion reais would be used to settle future obligations. Vale had previously said that it expected to reach a final agreement regarding the collapse of the tailings dam by the end of the first half of 2024.