Brazil negotiating $18 billion compensation from mining companies for 2015 dam collapse
Nine years ago, the dam near the city of Mariana collapsed, resulting in the death of 19 people, displacing hundreds, inundating forests, and contaminating the Doce River.
The Brazilian government is currently in discussions regarding a potential $18 billion payout from three mining companies involved in a fatal dam collapse in 2015, as reported on Monday.
The government indicated that the agreement may also include additional repair work to be carried out by the companies themselves.
Recent reports from Reuters suggested that Brazilian mining giant Vale, along with Australia’s BHP and their joint venture Samarco, are nearing a settlement to provide approximately 100 billion reais ($18.2 billion) for further reparations, with final terms expected in October.
Energy and Mining Minister Alexandre Silveira confirmed the ongoing discussions in an interview with Brazilian radio broadcaster Itatiaia on Monday, emphasizing the necessity of addressing the environmental damage caused by the toxic spill in Minas Gerais state.
Aside from the monetary compensations being negotiated, Silveira mentioned that about 30 billion reais ($5.5 billion) worth of environmental remediation measures will be undertaken by the companies themselves, including the removal of toxic mining waste from local water bodies.
The collapse of the dam at Samarco’s iron ore mine near Mariana unleashed a deluge of toxic tailings that resulted in casualties, displacement of residents, destruction of forests, and pollution of the Doce River.
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