BHP BILLITON, VALE AND SAMARCO ARE FACING A US$ 43 MILLION CLAIM

BHP Billiton (NYSE:BHP) reported that itself, Samarco and Vale (NYSE:VALE) are facing a US$43 million claim in relation to the tailings dam failure and Samarco’s iron ore operation in Brazil last November.

As quoted in the press release:

BHP Billiton has not received formal notice of the claim.

BHP Billiton remains committed to helping Samarco to rebuild the community and restore the environment affected by the failure of the dam.

To this end, on 2 March 2016 BHP Billiton announced that Samarco, Vale and BHP Billiton Brasil entered into an agreement with the Federal Attorney General of Brazil , the States of Espirito Santo and Minas Gerais and certain other public authorities for the restoration of the environment and communities affected by the Samarco dam failure.

The Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy. It incorporates a requirement for community consultation on the remediation projects and compensation.