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Vale predicts to reach global settlement on dam burst at end of this year
2019-06-14 16:40:51 【Print】
Brazilian Vale said on June 13 that it expects to reach a global settlement on the economic and environmental damages caused by January's burst of its Brumadinho tailings dam at the end of this year or next year.
After the mine disaster occurred, Vale not only dealt with the follow-up issues, but also was suffered by the resignation of its CEO and other executives, and had to spend billions dollars for compensation and cleanup costs.
Vale announced that it has been in constant talks with federal and state prosecutors to reach a global agreement that is acceptable in terms of socio-economic and environmental compensation.
The expectation time of a global settlement was put forward by a senior executive of the company during a meeting with analysts on June 12.
After attending a meeting attended by Vale CEO, Eduardo Bartolomeo, and CFO, Luciano Siani, the brokerage company XP Investimentos released a report that Vale prepared USD4.5 billion in respond to Brumadinho mine disaster. This amount does not include environmental costs, which are likely to be gradually increased with the progress.
Credit Suisse, who also attended the meeting, said that it's predicted that additional environmental expenditure would be between USD1-1.5 billion.
Vale said the survey of mine disaster causes conducted by international law firm Skadden, Arps, Slate, Meagher & Flom LLP is expected to be ended by the end of September.
Vale also said during the meeting that it expected to restart the operation of Brucutu mine soon. The full resumption of the mine depends on whether the court thinks it is safe. The mine currently operates at only one-third of its capacity, or 10 million tons per year.
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After the mine disaster occurred, Vale not only dealt with the follow-up issues, but also was suffered by the resignation of its CEO and other executives, and had to spend billions dollars for compensation and cleanup costs.
Vale announced that it has been in constant talks with federal and state prosecutors to reach a global agreement that is acceptable in terms of socio-economic and environmental compensation.
The expectation time of a global settlement was put forward by a senior executive of the company during a meeting with analysts on June 12.
After attending a meeting attended by Vale CEO, Eduardo Bartolomeo, and CFO, Luciano Siani, the brokerage company XP Investimentos released a report that Vale prepared USD4.5 billion in respond to Brumadinho mine disaster. This amount does not include environmental costs, which are likely to be gradually increased with the progress.
Credit Suisse, who also attended the meeting, said that it's predicted that additional environmental expenditure would be between USD1-1.5 billion.
Vale said the survey of mine disaster causes conducted by international law firm Skadden, Arps, Slate, Meagher & Flom LLP is expected to be ended by the end of September.
Vale also said during the meeting that it expected to restart the operation of Brucutu mine soon. The full resumption of the mine depends on whether the court thinks it is safe. The mine currently operates at only one-third of its capacity, or 10 million tons per year.
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