A venture jointly owned by the miner and Vale faces alleged liabilities in the tens of billions of dollars.
BHP, the world’s largest mining group, has said publicly for the first time that it wants to reach a final settlement over a dam disaster in Brazil worth potentially tens of billions of dollars of liabilities.
“If the right conditions were there and the legal certainty and releases, we would be willing to do a deal by the end of the year.” “The time has come for BHP to stop attempting to cut sweetheart deals in Brazil, without the involvement of the victims, and to face up to its liabilities,” he added. Renova, a non-profit foundation set up to carry out repairs and provide financial redress under an initial deal in 2016 between the companies and public authorities, has so far spent nearly R$30.8 billion. Funding obligations fall on Samarco but, if it is unable to meet payments, then BHP and Vale are committed to step in.
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