HomeInternationalBHP to fund Samarco Mineração S.A. by up to US$181 million

BHP to fund Samarco Mineração S.A. by up to US$181 million

An amount of US$133 million will be used to fund the Renova Foundation to undertake remediation and compensation programs identified under the agreement dated 2 March 2016 between Samarco, Vale S.A., BHP Brasil and the Brazilian authorities.

This amount will be offset against the group’s provision for dam failure.

An amount of $48 million will be made available.

This amount includes a short-term facility of up to $42 million (BHP Brasil’s share) to carry out ongoing repair works, maintain facilities and support restart planning, and an amount of $6 million to cover fees payable to experts appointed in connection with the remediation and compensation programs.

Funds will be released only as required, and subject to achievement of key milestones.

Feature image credit: Wikimedia

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