HomeMarket NewsMiningVale, BHP, and Samarco seek new deal on Mariana disaster

Vale, BHP, and Samarco seek new deal on Mariana disaster

Actionable Trade Ideas

always free

The collapse of the dam in Mariana left 19 dead when approximately 40 million cubic meters of mining waste destroyed communities and contaminated the Doce River. ย It was theย biggest environmental disaster ever in Brazil.

Negotiations for reparation for the environmental disaster resumed this week after the Brazilian government and the states rejected the value of R$40 billion ($7.75 billion) offered by the companies in December. The government and the states are demanding approximately R$120 billion ($23.3 billion).

To this day, none of the 12 lawsuits regarding the disaster have been judged.

According to the Federal Public Prosecutorโ€™s Office (MPF), the reparation actions carried out in recent years by the Renova Foundation, an entity created for this purpose, have been insufficient. The foundation has already investedย R$28.1 billionย ($5.45 billion) in reparation and compensation initiatives, according to Vale.

Vale and BHP have not commented on the new agreement. Samarco informed CBN that it remains open to dialogue, seeking solutions based on technical criteria that meet the demands of society. The company added that it remains committed to fully repairing the damages caused.


Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.