BHP offers $25.7bn settlement for Brazil dam disaster

29th Apr 2024 14:27

(Sharecast News) - Mining giant BHP and its Brazilian joint venture partner have submitted a $25.7bn (£20.5bn) settlement for the collapse of a tailings dam in 2015 that killed 19 people and devastated the local community.

Samarco, the joint company set up by Australian BHP and Brazilian operator Vale, has so far paid out $3.5bn. The new offer is a "non-binding, indicative settlement proposal" within BHP Brasil's provision for the dam failure.

"The negotiations between the parties are ongoing and no final agreement has been reached on the settlement amount or terms," BHP said in a statement.

Reporting by Frank Prenesti for Sharecast.com