BHP Group (BHP) and Vale (VALE) reached an agreement with Brazilian authorities, valued at 170 billion Brazilian reals ($29.86 billion), to settle claims related to a 2015 dam failure at a mine owned by the companies' joint venture, BHP said Friday.
The settlement amount includes 38 billion reals that the companies have already paid as remediation and compensation since 2016, according to the statement. The company said 100 billion reals will be paid to the authorities and relevant municipalities in installments over 20 years, and 32 billion reals will be delivered in additional performance obligations.
BHP said its share of the settlement is 50%, equivalent to 85 billion reals. The agreement remains subject to the Brazilian Supreme Court's approval, the company added.
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