Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Brazil court freezes Vale, BHP, Samarco assets -report

Published 12/02/2016, 11:00 am
Updated 12/02/2016, 11:10 am
© Reuters.  Brazil court freezes Vale, BHP, Samarco assets -report
BHP
-
BHPB
-
VALE
-

RIO DE JANEIRO, Feb 11 (Reuters) - A judge in Brazil's state of Minas Gerais has frozen 470 million reais ($118 million) of assets owned by Vale SA and 1.8 million reais linked to BHP Billiton (L:BLT) Ltd to ensure payment of damages related to a deadly dam rupture, Rio de Janeiro's O Globo newspaper said on Thursday.

A tailings dam at Samarco Mineração SA's SAMNE.UL main iron ore mine burst in early November, unleashing a tsunami of mud and toxic sludge that killed at least 17, left 800 homeless and triggered what the federal government has called Brazil's worst-ever environmental disaster.

BHP BHP.AX and Vale VALE5.SA are 50-50 joint venture partners in the miner in Brazil's Minas Gerais state.

The order to freeze the money was granted after a request from a public prosecutors in Barra Longa, Minas Gerais, O Globo reported in the Lauro Jardim column on its website.

There has been growing frustration over delays in providing compensation or repairing damage to those affected by the disaster. In December another Brazilian court froze an unspecified amount of Vale and BHP assets after determining that Samarco did not have enough cash to pay for the damage alone. federal government and two state governments are suing Samarco, Vale and BHP for 20 billion reais ($5 billion) over the disaster. press office said they will appeal the ruling.

($1 = 3.9925 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.