Posted at 8:11 am
Vale (VALE3) announces this Friday, the 12th, that it has reached a settlement with BHP Billiton Brasil (BHP Brasil), BHP Group (UK) LTD and BHP Group LTD (together, BHP) regarding United Class Action Lawsuits. Kingdom and the Netherlands, in relation to the 2015 collapse of the Fundao Dam in Brazil.
Fundo Dam is owned and operated by Samarco Minarazo, a joint venture between Vale and BHP.
As published on December 2, 20222, Vale is a defendant in a contributory action brought by BHP in an English court regarding a class action brought against BHP by more than 600,000 claims seeking compensation for losses allegedly caused by the dam failure. .
BHP UK disclaims liability for claims.
As revealed on March 19, 20243, Vale has become a defendant in lawsuits filed in the Netherlands on behalf of more than 78,000 claimants who claim to have been affected by the dam collapse.
“As mentioned earlier, Vale will assess the merits of these claims in due course and present its defenses accordingly,” the mining company highlighted.
Vale and BHP have entered into a non-disclosure agreement under which contribution actions brought by BHP against Vale in respect of UK claims will be withdrawn.
The effect of the agreement is that if it is decided that BHP has any liability to the claimants in the UK claims, or if any liability to the claimants in the Netherlands is ultimately attributed to Vale, such liability will be split equally between BHP and Vale. .
All other terms of the agreement shall be strictly confidential.
In accordance with the 2016 Transaction and Conduct Adjustment Regulations (TTAC) and the 2018 Conduct Adjustment Regulations, Vale reaffirmed its commitment to repair the damage caused by the collapse of the Fundão Dam. Samarco Mineração and its joint venture owners Vale and BHP Brazil.
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Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.