BHP’s dam disaster dealings leave a bad taste
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Antony Currie
MELBOURNE, Oct 21 (Reuters Breakingviews) -The miner and partners are offering Brazilian authorities $23 bln in damages for a 2015 catastrophe, but with most of it paid over 20 years. And BHP was in hot water trying to hinder a related $47 bln lawsuit in London. Both take the argument of protecting shareholders too far.
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CONTEXT NEWS
BHP on Oct. 18 said in a regulatory filing that it, Vale and the joint venture they own, Samarco, are discussing with Brazilian authorities paying 130 billion reais ($23 billion) in compensation to settle litigation related to the collapse in 2015 of a dam containing mining waste. Of that amount, 100 billion reais would be paid out over 20 years. A deal could be signed on Oct. 25, sources told Reuters.
In separate statements and securities filings, Vale, BHP and Samarco said the version of the agreement currently being discussed would include a total compensation of 170 billion reais. That includes the 38 billion reais already paid out.
BHP goes to trial in the High Court in London on Oct. 21 in a class-action lawsuitbrought on behalf of some 620,000 claimants seeking around 36 billion pounds ($47 billion)in damages over the same disaster.
The collapse of the dam sent more than 40 million cubic metres of toxic sludge, including arsenic, lead and mercury, flowing out into the surrounding areas. It killed 19 people, polluted 668 kilometres of watercourses, killed 11 million tons of fish, and destroyed 1,469 hectares of riparian forest.
Editing by Una Galani and Aditya Srivastav
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