Vale-BHP nearly double offer in mine disaster settlement. The mining companies raised the proposal to more than 100 billion reais ($19 billion) after Brazilian authorities showed disappointment to the 52 billion reais ($10 billion) offered.
Samarco and its owners, Vale SA and BHP Group, agreed to almost double their offer in compensation for a 2015 mine waste disaster in Brazil, according to people with knowledge of the matter who asked not to be named because the discussions are private.
The increase in the amount should mean additional provisions for the companies that already disbursed 23 billion reais through Renova Foundation, which was created to compensate for and repair damages. Brazil’s Environment Minister Joaquim Leite said in a radio interview this week the deal will involve the creation of a fund to be managed by Brazil’s development bank BNDES with the purpose to create a green economy in the region affected by the disaster, Agencia Brasil reported.
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