Brazil files new $58billion lawsuit versus Vale-BHP’s Samarco

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http://www.theage.com.au/business/mining-and-resources/brazil-files-new-us43b-lawsuit-v-valebhps-samarco-20160503-goljul.html?google_editors_picks=true

Brazilian prosecutors have filed a civil suit worth 155 billion reais ($58 billion) against Vale, BHP Billiton and their iron ore joint venture Samarco Mineracao for the November tailings dam burst that killed as many as 19 people and caused severe environmental damage.

The civil suit, which prosecutors said they put together after a six-month investigation, also targets Brazil’s federal government along with both Minas Gerais and Espirito Santo state governments, the prosecutors office said in a statement earlier Tuesday. Samarco said it would be looking at the case. Vale and BHP declined to comment.

In March, Samarco and its co-controllers signed an agreement with the federal government and the two states committing to pay as much as 12 billion reais over the next 15 years. Samarco has about $US1 billion ($1.33 billion) in debt obligations due by 2022, including $US216.7 million of interest payments in the next two years on its dollar-denominated bonds.

The civil suit is an extensive, 352-page document with more than 200 claims related to ecological, economic and social damages wrought by what has been called Brazil’s worst-ever environmental disaster, the team of prosecutors said in the statement.

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largish amount but nothing that cant be recovered..and what lasting destruction has been caused and what will be ongoing?

401

~ by seeker401 on May 6, 2016.

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