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BHP and Vale ink deal on UK group action for 2015 Brazil dam breach
(Sharecast News) - Iron ore miner Vale has agreed to pay half of any awards to claimants as part of the UK group action against BHP for the 2015 failure of the Fundao dam in Brazil. More than 600,000 claimants had brought a group action against BHP Group Lmtd. and BHP Group (UK) Lmtd. in the English High Court.
The dam was operated by Samarco, a non-operated joint-venture between BHP Billiton Brasil Ltda and Vale.
BHP said that it did not consider that it was liable under the English Proceedings and argued that they duplicated the already ongoing work of the Renova Foundation and court proceedings in the South American country.
Through Renova BHP Brasil had already provided roughly $3.5bn in compensation and direct financial aid for about 430,000 persons up until 31 May 2024.
As of 1601 BST, shares of BHP were rising by 1.78% to 2,292.0p.
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