BHP Group PLC Samarco filing of judicial reorganisation (0534V)
April 12 2021 - 1:00AM
UK Regulatory
TIDMBHP
RNS Number : 0534V
BHP Group PLC
09 April 2021
NEWS RELEASE
Release Time IMMEDIATE
Date 9 April 2021
Release Number 04/21
Samarco filing of judicial reorganisation
On 9 April 2021, Samarco Mineração S.A. (Samarco) announced that
it filed for judicial reorganisation (JR) with the Commercial
Courts of Belo Horizonte, State of Minas Gerais, Brazil.
Samarco's JR filing is a last-resort response to multiple legal
actions filed by certain Samarco financial creditors in the U.S.
and Brazil which have resulted in freezing orders against Samarco's
accounts and which threaten Samarco's operations. It was filed
after unsuccessful attempts by Samarco to negotiate a debt
restructure with these creditors. Samarco's shareholders, BHP
Billiton Brasil Ltda (BHP Brasil) and Vale S.A (Vale), support
Samarco's JR filing in this context.
The JR is a means for Samarco to restructure its financial debts
in order to establish a sustainable independent financial position
in order for Samarco to continue to rebuild its operations safely
and meet its Renova Foundation (Renova) obligations. Samarco's
restarted operations provide jobs, local economic activity and
community support as well as continuing the remediation and
compensation programs underway through the legally approved
programs. Samarco's operations will continue through the JR and
restructure process.
The JR does not affect Samarco's obligation or commitment to
make full redress for the 2015 Fundão dam failure, and it does not
impact Renova's ability to undertake that remediation and
compensation.
The extensive work undertaken by Renova will continue. Renova
has spent approximately R$12.2 billion (approximately US$3 billion
(1)) on its remediation and compensation programs. Compensation and
financial assistance of approximately R$3.5 billion (approximately
US$870 million) has been paid to support approximately 320,000
people affected by the Fundão dam failure. In addition, more than
10,000 claims have been settled over the seven months to March 2021
under the court-mandated "Novel payment" system designed to ensure
compensation for claimants who had struggled to prove their damages
in the most informal sectors of the economy across 23
territories.
Samarco, BHP Brasil and Vale expect to continue negotiations in
the coming months with the Brazilian authorities on the programs
undertaken by Renova to progress settlement of the R$155 billion
public civil claim commenced by the Federal Prosecutors Office
against BHP Brasil, Vale and Samarco.
BHP Brasil and Vale S.A. each hold a 50 per cent interest in
Samarco.
Further information on the JR can be found at samarco.com.
(1) USD amount is calculated based on actual transactional
(historical) exchange rates related to Renova funding.
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
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