BHP-Vale Settlement Ratified by Court in Blow to Civil Suit
- Ratification may weaken prosecutors' $44 billion civil case
- Samarco wants to resume operations to help pay for damage
Aerial view of damages after a dam burst in the village of Bento Rodrigues, in Mariana, Minas Gerais state, Brazil on November 6, 2015. Photographer: Christophe Simon/AFP via Getty Images
This article is for subscribers only.
Vale SA and BHP Billiton Ltd.’s Brazilian iron-ore venture received judicial ratification on Thursday for its settlement with federal and state governments over compensation for a tailings dam spill in November.
A federal judge signed off on the March accord, in which Samarco Mineracao SA agreed to pay about 12 billion reais ($3.4 billion) over 15 years to clean up environmental damage caused by the November disaster and assist victims. Samarco is attempting to resume operations to help pay for the damage.