March 3 (Reuters) - BHP Billiton (LON:BLT) Ltd BHP.AX :
* Samarco - agreement reached with brazilian authorities BHP.AX
* Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy
* Term of agreement is 15 years, renewable for periods of one year successively until all obligations under the agreement have been performed
* Samarco, Vale and BHP Billiton brasil will establish a foundation that will develop and execute environmental and socio-economic programs"
* Foundation will be governed by a seven member board"
* Samarco Mineracao s.a and Vale s.a and BHP Billiton brasil ltda (bhpb brasil), have entered into an agreement with the federal attorney general of Brazil
* Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy
* Says the agreement is subject to court approval
* Foundation will submit remediation and compensation programs for approval to council of representatives of brazilian authorities
* Agreement is subject to court approval
* Amount of annual contributions for each of the years 2019, 2020 and 2021 will vary between a minimum of BRL800 million and a maximum of BRL1.6 billion
* If approved, the agreement will settle the civil public claim commenced on 30 November 2015
* Samarco will continue to conduct and fund the humanitarian and environmental recovery and remediation work until the foundation is operational
* If approved, deal will settle civil public claim commenced on 30 November 2015 by brazilian authorities against Samarco, Vale and BHP Billiton brasil
* To the extent Samarco does not meet its funding obligations,vale and BHP Billiton brasil is liable in proportion to its 50% shareholding in Samarco
* Source text for Eikon ID:nASX3fr7dZ