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Jun 17, 2019

   

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Vale says hopes to reach dam burst global settlements by year-end

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– by Marta Nogueira (Reuters U.S. – June 13, 2019)

https://www.reuters.com/

RIO DE JANEIRO (Reuters) – Brazil’s Vale said on Thursday that it expects to reach global settlements covering economic and environmental damages from the January collapse of its Brumadinho tailings dam by late this year or in 2020.

Vale is scrambling to deal with the fallout from the disaster, which killed at least 246 people, triggered the replacement of its CEO and an overhaul of its board, and has forced it to set aside billions for compensation and cleanup costs.

Investors have been closely watching its ongoing talks with prosecutors and regulators on the terms of a global settlement to see how much higher the price tag from the disaster will be.

“We have been in constant talks with federal and state prosecutors,” Vale said in a statement, adding that the goal was to reach a global deal embracing “socio-economic and environmental reparations.”

Vale said the forecast on the timing of a global settlement was provided by one of its executives on Wednesday during a meeting with analysts.

For the rest of this article: https://www.reuters.com/article/us-vale-sa-production/vale-says-hopes-to-reach-dam-burst-global-settlements-by-year-end-idUSKCN1TE2OL