Media: Vale and BHP Billiton ordered to pay nearly $10 billion in comp

Published: Jan 26, 2024 08:58

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Media: Vale and BHP Billiton ordered to pay nearly $10 billion in compensation

According to Brazilian media reports, a Brazilian judge has ruled that the joint venture of Vale and BHP Billiton's Samarco iron ore mine must pay 476 billion Brazilian reais (approximately $97 billion) to compensate for the losses caused by the 2015 Brazilian tailings dam disaster. The accident resulted in 19 deaths, 600 homes destroyed, and at least 400,000 people unable to access clean water. The compensation amount will be adjusted based on interest, considering the time that has passed since the disaster. This ruling allows the companies to appeal. Vale responded by stating that they have not yet received notification of the ruling. In addition, the companies have reached an out-of-court settlement in another lawsuit to fulfill their environmental obligations, providing 340 billion Brazilian reais in compensation by the end of last year.

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