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Financial News: VALE: Agreement On Fundao Dam Extinguishes R$ 20

VALE: Agreement On Fundao Dam Extinguishes R$ 20 Billion Lawsuits

06/25/2018 - 19:47:00 (RTTNews)

(RTTNews) - Samarco and its shareholders, Vale and BHP Billiton, signed a Term of Adjustment of Conduct with the Brazilian Public Prosecutor's Office, Public Defender Offices and Public Advocates of the Union and the States of Minas Gerais and Espirito Santo regarding the damages resulting from the break of the Fundao tailing dam in Mariana (MG). The disaster occurred in November 2015 and was considered the largest environmental accident in Brazil.

According to a statement sent by Vale to the Brazilian Securities and Exchange Commission (CVM), the agreement provides, among other issues, for the extinction of relevant lawsuits, such as the Public Civil Action (PCA) of R$ 20 billion (US$ 5.3 billion) filed by the Federal Government and States of Minas Gerais and of Espirito Santo.

Regarding a lawsuit in the amount of R$ 155 billion, the company informed that the orders contained in the action that are remedied by the agreement should be immediately extinguished. The remaining requests are suspended until proof of their service by the Renova Foundation (created by the miners to repair the damages of the dam breaking) or eventual renegotiation of the Foundation's programs, leading to its extinction in the future.

The agreement also keeps judicial guarantees of R$ 2.2 billion and sets a two-year period for specialists from the Public Prosecutor's Office, who monitor the execution of the Renova Foundation's programs, to submit their opinions on measures in the affected region.

According to Vale, innovations are still planned in the foundation's governance to ensure greater participation of the people affected and the establishment of a negotiation process for eventual renegotiation of programs for the repair of damages.

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