Brazil’s Vale, Minas Gerais State Close to US$7 Billion Disaster Settlement

A person familiar with the negotiations, declining to be identified as the talks are closed, told Reuters the current terms involve Vale spending about R$37 billion to compensate for the disaster.

RIO DE JANEIRO, BRAZIL - Brazilian miner Vale SA and authorities in the state of Minas Gerais said on Wednesday, February 3rd, they have defined potential settlement terms regarding a 2019 mining disaster, with a source saying the deal is worth about R$37 billion (US$6.89 billion).

A dam containing mining waste burst in January 2019 at a Vale facility in the town of Brumadinho in Minas Gerais, releasing a torrent of sludge that killed some 270 people.

In a statement, Minas Gerais officials, alongside state and federal prosecutors, said the terms would be further discussed at a meeting . . .

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