Vale expects to close deal over Brazil dam collapse in October

Reuters | September 11, 2024 | 4:35 pm Top Companies Latin America Iron Ore 
The mix of reddish mud, water and debris from the Samarco disaster reached the Atlantic Ocean in a matter of days. (Screenshot from PigMine 7, via YouTube)

Brazilian miner Vale expects to reach a final agreement with authorities in October regarding reparations related to the collapse of a dam in the city of Mariana, it said on Wednesday in a securities filing.

Last week, Reuters reported that Vale, BHP and their joint venture Samarco could soon reach such an agreement to pay around 100 billion reais ($17.6 billion), with the final terms of the deal expected to come in October.

($1 = 5.6688 reais)

(By Andre Romani; Editing by Kylie Madry)

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