BHP: 250 million dollars support for Brazil's Samarco.
(CercleFinance.com) - BHP has approved a total of 250 million dollars in financial support to fund remediation and compensation programs after the dam failure that struck its Samarco iron ore mine in Brazil in 2015.
An amount of 174 million dollars will be used to fund the Renova Foundation for remediation and compensation programs, while a short-term facility of up to 76 million dollars will be made available to support Samarco's operations.
In a statement, BHP said a restart of operations at Samarco, which is still subject to obtaining separate regulatory approvals, is unlikely to happen in 2017.
he Samarco project is jointly owned by BHP Billiton Brasil and Vale.
Both partners still face civil claims for up to billions of dollars in the case.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
An amount of 174 million dollars will be used to fund the Renova Foundation for remediation and compensation programs, while a short-term facility of up to 76 million dollars will be made available to support Samarco's operations.
In a statement, BHP said a restart of operations at Samarco, which is still subject to obtaining separate regulatory approvals, is unlikely to happen in 2017.
he Samarco project is jointly owned by BHP Billiton Brasil and Vale.
Both partners still face civil claims for up to billions of dollars in the case.
Copyright (c) 2017 CercleFinance.com. All rights reserved.