Brazilian Government in Talks for $18 Billion Compensation Over 2015 Dam Collapse

The Brazilian government is negotiating an $18 billion settlement with miners Vale, BHP, and Samarco, related to the 2015 dam collapse. The deal, which may also include additional remediation work by the companies, aims to address the extensive damage caused by the disaster.

The Brazilian government confirmed Monday it was in discussions regarding an $18 billion payout from three mining firms over the 2015 dam collapse. The agreement could also mandate further repair work by the companies.

Vale, BHP, and their joint venture Samarco might soon finalize the deal to provide additional funds for reparations. The terms are expected to be settled by October, as noted by Energy and Mining Minister Alexandre Silveira in an interview.

The discussions also cover 30 billion reais worth of self-implemented remediation by the firms. This catastrophic event, which occurred at a Samarco iron ore mine, resulted in 19 fatalities, displaced hundreds, and contaminated the Doce River.

(With inputs from agencies.)