BHP nearing settlement over 2015 dam failure

21st Oct 2024 12:26

(Sharecast News) - Mining giant BHP said on Monday that it was in the process of negotiating a potential settlement with Brazilian authorities over the November 2015 failure of the Fundão dam.

BHP stated negotiations were still ongoing and that no final agreement had been reached but said its current proposal would see it return $31.7bn to people and the environment impacted by what was considered to be one of the country's worst environmental disasters.

The FTSE 100-listed group also highlighted that the settlement was expected to resolve all existing claims by Brazil's public authorities.

BHP's proposed settlement comes as the miner prepares to head to the High Court in London after being sued by more than 600,000 Brazilians, 46 local governments and approximately 2,000 businesses in one of England's biggest-ever lawsuits. Claimants have sought up to £36.0bn in damages but BHP has contested its liability.

As of 0920 BST, BHP shares were up 0.43% at 2,196,36p.

Reporting by Iain Gilbert at Sharecast.com