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BHP Group Limited confirmed on 7 November 2024 that an agreement between Brazilian Public Authorities and Samarco Mineração S.A., BHP Billiton Brasil Ltda., and Vale S.A. was ratified by the Supreme Court of Brazil on 6 November 2024. This agreement, valued at R$170 billion (US$31.7 billion) on a 100% basis, provides a full and final settlement for obligations and claims related to Samarco's Fundão dam failure on 5 November 2015.
| Date | 7 Nov 2024 |
| Time | 07:00:02 |
| Category | Miscellaneous |
| ID | 2715L |
7 November 2024
Further to BHP's announcement on 25 October 2024, BHP confirms that the agreement entered into between the Federal Government of Brazil, State of Minas Gerais, State of Espirito Santo, public prosecutors and public defenders (Public Authorities) and Samarco Mineração S.A. (Samarco), BHP Billiton Brasil Ltda. (BHP Brasil) and Vale S.A. (Vale) (the Companies) was ratified by the Supreme Court of Brazil in Brasilia on 6 November 2024.
The Agreement delivers a full and final settlement of the Framework Agreement obligations, the Federal Public Prosecution Office civil claim and other claims by the Public Authorities relating to Samarco's Fundão dam failure on 5 November 2015 (Agreement).
The financial value of the Agreement is R$170 billion[1] (US$31.7 billion[2]) on a 100% basis and provides reparation for the impacts of the dam failure that will be delivered to the people, communities and environment impacted by the dam failure.
As shareholders in Samarco, BHP Brasil and Vale have always been fully committed to supporting the extensive ongoing remediation and compensation efforts in Brazil. BHP Brasil will continue to focus on supporting the long-term recovery of the communities and environment affected by the dam failure.
Authorised for release by Stefanie Wilkinson, Group General Counsel and Group Company Secretary.
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BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Level 18, 171 Collins Street Melbourne Victoria 3000 Australia Tel: +61 1300 55 4757 Fax: +61 3 9609 3015 BHP Group is headquartered in Australia
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BHP Group Limited ABN 49 004 028 077
[1] All financial obligations are presented on a real, undiscounted basis and will accrue inflation at IPCA inflation rate. Payments will be made in Brazilian Reais.
[2] All USD amounts throughout are calculated based on actual transactional (historical) exchange rates related to funding provided to Fundação Renova (Renova Foundation) for investment to date and future spend is calculated using 28 June 2024 BRL/USD exchange rate of 5.56.