Australia's BHP says no agreement reached on Samarco debt
[BENGALURU] Global miner BHP Group said on Tuesday that no agreement has been reached on restructuring the financial obligations of Samarco, its joint venture with Brazil's Vale SA, following a 2015 mine disaster.
BHP said in a statement that Samarco's operations will only restart if it is safe, economically viable and has the support of the community and regulators.
The statement comes after a second deadly dam burst in Brazil on Friday at a mine owned solely by Vale.
The Brazilian prosecutor running talks to settle a lawsuit over the Samarco accident told Reuters that the new dam burst could scramble negotiations and change how his task force handles the 155 billion reais (S$55.8 billion) case against Samarco.
The case is currently suspended amid negotiations for a potential settlement
Vale lost about 71.34 billion reais in market value on Monday.
BHP shares rose about 2 per cent on Tuesday after a long weekend following a surge in iron ore prices on Monday, while the broader Australian market fell about 0.4 per cent.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Sri Lanka approves power deal with India's Adani Group
BP profits drop to US$2.7 billion, refinery outage offsets higher output
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
European oil giants consider shifting their listings to the US
ExxonMobil sees Hess arbitration dragging into 2025, CEO says