Brazilian Miner Vale Ends Meeting Without Brumadinho Dam Burst Disaster Settlement
RIO DE JANEIRO, BRAZIL – A hearing between Brazilian miner Vale SA and the government of Brazil’s Minas Gerais state ended on Tuesday, November 17th, without the two sides agreeing on a settlement over a January 2019 disaster in which a Vale dam burst and killed 270 people.
The mining waste dam burst in the town of Brumadinho in Minas Gerais, roughly four years after a similar disaster at a facility jointly owned by Vale and BHP.
The Minas Gerais state government said in a statement that it did not accept the settlement terms being proposed by Vale. The government’s press office said Vale’s proposal failed to comply with the premise of the talks that had been agreed to, but did not give details.
Vale said in a statement that the meeting was “constructive” but ended on Tuesday without setting values for an eventual settlement in the matter.
Another meeting has been set for December 9th.
The miner and state authorities said they will extend emergency payments to those affected by the dam rupture until December, the statements said.
The talks are being overseen by the state labor justice ministry and involve representatives of the governor, federal and state prosecutors and other agencies.
Source: Reuters
Live Company IntelligenceVale SA ADR — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$9.3052-wk high
$17.44
Revenue trend · 6y
Ownership
Dividend
Read More from The Rio Times