Vale, Samarco, BHP Submit R$127 Bln Settlement Proposal To TRF Related To Failure Of Fundao Dam
(RTTNews) - Vale S.A. (VALE) revealed on Monday that Vale, Samarco Mineracao S.A. and BHP Billiton Brasil Ltda. have submitted a non-binding, indicative settlement proposal totalling R$127 billion to the Brazilian Federal Court of Appeals of the Sixth Region (TRF) for the settlement of claims by government agencies relating to the failure of the Fundao Dam in Mariana, Minas Gerais, Brazil.
The proposed settlement amount of R$127 billion includes R$37 billion in amounts already invested on remediation and compensation to date, a R$72 billion cash payment payable over a period of time to the Federal Government, the States of Minas Gerais and Espirito Santo and the municipalities, and R$18 billion in obligations to be performed.
The settlement proposal amounts are on a 100% basis, which includes a 50% contribution from each of BHP Brasil and Vale as secondary obligors if Samarco cannot fund as the primary obligor.
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