Arab Today, arab today bhp vale shares slide on brazil mining lawsuit
Last Updated : GMT 13:20:32
Arab Today, arab today
Arab Today, arab today

After Brazilian prosecutors

BHP, Vale shares slide on Brazil mining lawsuit

Arab Today, arab today

Arab Today, arab today BHP, Vale shares slide on Brazil mining lawsuit

The accident near Mariana in Brazil's Minas Gerais state
Sydney - Arab Today

Shares in Anglo-Australian mining giant BHP Billiton fell further Thursday after Brazilian prosecutors filed a US$43.4 billion lawsuit over a mine accident that killed 19 people and wreaked environmental havoc.

The firm sank 1.92 percent to Aus$18.43 -- but off intra-day lows -- following a 9.36 percent drubbing Wednesday as traders were taken aback by the sheer size of the claim.

Brazilian iron ore leader Vale, co-owner of the Samarco iron mine with BHP, was also hammered on Wednesday with its stock tumbling 5.34 percent in Sao Paulo.

Prosecutors in the state of Minas Gerais on Tuesday filed the suit for the accident at the Samarco pit on November 5, estimating "the preliminary value for repairs to be 155 billion reals".

"This has quite rightly spooked investors into pricing in the prospect of long and protracted litigation," said Mike van Dulken, head of research at Accendo Markets.

The two companies had already agreed to a separate settlement of US$6.2 billion with the Brazilian government in March.
Those funds were ordered to go toward compensating for social and environmental damage and to be paid over 15 years. But the deal was criticised by prosecutors, who said the amount was not calculated realistically.

In the latest suit, Brazilian prosecutors are demanding that the companies put up US$2.1 billion, or five percent of the estimated damages, in a private fund and to suspend earnings distributions as a guarantee of payment.

The accident near Mariana in Minas Gerais began when a tailings dam at Samarco mine failed, unleashing a flood of polluted water and mud into the River Doce, one of the biggest in Brazil.

A village was destroyed and drinking water supplies for hundreds of thousands of people were severed. The damage reached as far as the river's mouth on the Atlantic coast, with wildlife, tourism and fishing all suffering.

In February, police announced homicide charges against seven people, including six Samarco executives.

The civil suit filed Tuesday called on Samarco's co-owners to "completely" compensate for the disaster.

Prosecutors said they calculated the US$43 billion figure based on charges faced by BP after the Deepwater Horizon oil spill in the Gulf of Mexico in 2010.

BHP on Wednesday said it remained committed to helping Samarco rebuild the community and restore the environment, but that the previous settlement already ensured "the compensation framework" for responding to the tragedy.

Vale added that it would "take every measure to assure its right of defence" and stressed that Samarco had already taken "all necessary emergency measures in relation to the accident."

Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bhp vale shares slide on brazil mining lawsuit Arab Today, arab today bhp vale shares slide on brazil mining lawsuit

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law

GMT 09:20 2017 Friday ,17 February

Samsung heir arrested in corruption probe

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday