🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

UPDATE 1-Brazil to sue BHP, Vale for $5 bln in damages for dam burst

Published 28/11/2015, 06:17 am
UPDATE 1-Brazil to sue BHP, Vale for $5 bln in damages for dam burst
BHP
-
BHPB
-
VALE
-

(Adds proceeds to be used for environmental cleanup, details of disaster)

BRASILIA, Nov 27 (Reuters) - Brazil's federal and state governments plan to sue the owners of the Samarco iron ore miner for 20 billion reais ($5.24 billion)in damages caused by the burst of a tailings pond dam, Environment Minister Izabella Teixeira told reporters on Friday.

Samarco is a joint venture between the world's largest mining company, BHP Billiton Ltd BHP.AX BHP.N BLT.L , and the biggest iron ore miner, Vale SA VALE5.SA VALE.N .

The dam burst earlier this month, unleashing 60 million cubic meters of mud and mine waste that devastated a village, killed at least 13 people and polluted a major river.

Teixeira said the suit will be filed on Monday. The proceeds will be used for environmental cleanup in the Rio Doce valley.

($1 = 3.8181 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.