Mining Giant Vale Fined Over R$11B for Dam Burst in Brazil

Vale informed investors that it has suspended its Shareholder Remuneration Policy, and the suspension of the variable remuneration payment for its executives. 

By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – In the wake of the Brumadinho dam disaster and while firefighters are still looking for more than 300 people missing since the Feijão dam burst on Friday afternoon, state and federal agencies announce heavy fines to be paid by the dam’s owner, Vale, totaling at this time at least R$11 billion (almost US$3 billion).

Of the R$11 billion, R$5 billion would be exclusively ‘to guarantee reparation of damages caused to the victims’, stated the Minas Gerais Prosecutors’ Office (MPMG).

“The mining company is responsible . . .

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