By Rhiannon Hoyle
Miners BHP Group and Vale are negotiating a possible settlement with Brazilian authorities worth roughly $30 billion for a 2015 catastrophic dam failure that is widely considered to be one of Brazil's worst environmental disasters.
Waste from the failed dam destroyed villages and killed 19 people as it rushed down one of southeast Brazil's main river systems, polluting more than 400 miles of waterways along the way.
BHP and Vale, among the world's biggest mining companies, are discussing a settlement proposal with a total financial value of roughly 170 billion Brazilian reais for the people, communities and environment impacted by the dam failure, BHP said in a statement on Saturday.
The miners continue to negotiate with authorities and no final agreement has been reached on the settlement amount or terms, BHP said.
Under the proposal, roughly $18 billion of the settlement would be paid by the companies in instalments over 20 years. The settlement proposal includes nearly $8 billion in remediation and compensation spent since 2016.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 20, 2024 18:08 ET (22:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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