BHP Puts Up US$181 Million for Brazil Dam Efforts
December 21 2017 - 4:39PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--BHP Billiton Ltd. (BHP.AU) has agreed to
fund US$181 million toward its Brazilian iron-ore venture and the
nonprofit set up to help with rebuilding and compensation after a
disastrous 2015 dam failure.
The money will provide financial support to the Samarco business
equally owned with Vale SA (VALE) and the Renova Foundation until
June 30. It follows similar past funding from the Anglo-Australian
mining company.
In a statement Friday, BHP said US$48 million would be made
available to Samarco to carry out ongoing repair work, support
restart planning and cover fees to experts.
The bulk of the funding would go to the foundation to undertake
remediation and compensation programs laid out in an agreement
between the companies and Brazilian authorities in March 2016, and
would be offset against BHP's provision for the Samarco dam
failure.
In late November, BHP said the companies had been given a
further 150 days to continue negotiating settlements to more than
US$50 billion in public civil claims following the catastrophic dam
burst in which 19 people were killed, villages were destroyed and
hundreds of miles of rivers were polluted.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
December 21, 2017 17:24 ET (22:24 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
BHP (NYSE:BBL)
Historical Stock Chart
From Apr 2024 to May 2024
BHP (NYSE:BBL)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about BHP Group Plc (New York Stock Exchange): 0 recent articles
More Bhp Billiton Plc Sponsored Adr News Articles