🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

BHP says will fight $6 bln claim over Samarco disaster

Published 01/07/2016, 11:50 am
Updated 01/07/2016, 12:00 pm
BHP says will fight $6 bln claim over Samarco disaster
BHP
-
BHPB
-

SYDNEY, July 1 (Reuters) - BHP Billiton BHP.AX BLT.L on Friday said it would appeal against the decision by a Brazilian court to reinstate a $6 billion public civil claim over last year's Samarco iron ore mine disaster.

BHP and 50-50 joint-venture partner Vale had agreed on a $2.3 billion settlement in March, but Brazil's Superior Court has responded to an appeal from the Federal Prosecutor's Office by issuing an interim order suspending its ratification.

That decision reinstates a 20 billion real ($6.23 billion)public civil claim for clean-up costs and damages against Samarco, Vale and BHP.

"BHP Billiton Brasil intends to appeal the decision of the Superior Court of Justice," BHP said in a statement.

In the meantime, Samarco will continue to support the long-term recovery of the communities and environment affected by the dam failure, the company said.

A burst tailings dam at the mine on Nov. 5 unleashed a mud flow that killed 19 people, left hundreds homeless and polluted a major river. The government called it the country's worst ever environmental disaster. mine has been closed since. Environmental authorities say it will only be allowed to reopen when it can prove mud is no longer leaking into the surrounding area and that the mine can be run safely. ($1 = 3.2127 Brazilian reais)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.