Samarco Incident Cost Municipalities $308 Million

February 8, 2016

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Reuters reported that municipalities lost approximately $308 million due to last November’s dam burst at the Samarco mine; that amount does not include environmental problems.

Samarco is a joint venture between Vale SA (NYSE:VALE) and BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP).

As quoted in the market news:

The state government released a detailed report containing an evaluation of impacts to infrastructure and activities, public and private, in the whole area in Minas Gerais that was affected by the mudslide resulting from the dam breach.

The mud coming from the dam devastated a whole neighborhood in the city of Mariana and contaminated a key river that supplies fresh water to a large area in Minas Gerais. Minas government said the report also includes suggestions for possible actions to restore impacted areas.

The findings could be added to a civil lawsuit already launched by the federal government that is seeking up to 20-billion reais in indemnities for losses stemming from the accident.

Click here to read the full Reuters report.

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Category: General