BHP's Fundão agreement ratified by Supreme Court of Brazil

7th Nov 2024 09:34

(Sharecast News) - Mining giant BHP confirmed on Thursday that the agreement entered into between Public Authorities in Brazil and Samarco Mineração, BHP Billiton Brasil and Vale Shad been ratified by the Supreme Court of Brazil on 6 November.

BHP stated the agreement delivered "a full and final settlement" of the framework agreement obligations, the Federal Public Prosecution Office civil claim and other claims by the Public Authorities relating to Samarco's Fundão dam failure on 5 November 2015.

The FTSE 100-listed firm stated the financial value of the agreement was R$170.0bn (£23.19bn) on a 100% basis and provides reparation for the impacts of the dam failure that will be delivered to the people, communities and environment impacted.

"As shareholders in Samarco, BHP Brasil and Vale have always been fully committed to supporting the extensive ongoing remediation and compensation efforts in Brazil. BHP Brasil will continue to focus on supporting the long-term recovery of the communities and environment affected by the dam failure," added BHP.

As of 1010 GMT, BHP shares were up 2.48% at 2,199.12p.

Reporting by Iain Gilbert at Sharecast.com