Samarco to Pay $260 Million for Clean-Up Following Mine Disaster

17 Nov 2015 by OOSKAnews Correspondent

Mining company Samarco, which is jointly owned by Australia’s BHP Billiton and Brazil’s Vale SA, will provide some $260 million USD to fund clean-up efforts in the wake of the November 5th tailings dam bursts at the iron ore mine it operates in Minas Gerais state.The Minas Gerais state prosecution service said in a statement that Samarco had signed a "preliminary commitment" to "guarantee payment for preventive emergency mitigation, repair or compensation measures."“The deal establishes a concrete legal guarantee, which didn’t previously exist, that the initial emergency resources are being safeguarded,” state environmental prosecutor Carlos Eduardo Ferreira Pinto said...

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