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Vale Won’t Support Samarco Unless Brazil Allows Operations to Restart
Jun 20,2016 15:23CST
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Source:SMM
Brazilian mining company Vale SA will not financially support Samarco, a joint venture with BHP Billiton.

by , Jeff Yoders on JUNE 17, 2016

Brazilian mining company Vale SA will not financially support Samarco, a joint venture with BHP Billiton, if the company is not able to resume operations, Vale’s head of investor relations said on Thursday.

Rogerio Nogueira told analysts at an event in Sao Paulo that he did not believe Samarco would need financial support, but that in the event its mine was unable to get permission to restart — there was a major disaster at the dam last year when a tailings dam failed last year —  Vale would not fund Samarco. The joint venture’s iron ore mine closed in November.

Vale received a favorable decision this week when a Brazilian judge ruled it would not have to defend itself against a $5.7 billion civil suit in the matter.

Source: MetalMiner

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