Thursday 4 February 2021 4:11 pm

Vale signs $7bn settlement for deadly Brazil dam disaster

Mining giant Vale today said it will pay $7bn to a Brazilian state to settle a case originating from a deadly dam disaster in 2019.

A dam containing mining waste burst in January 2019 at a Vale facility in the town of Brumadinho in Brazil’s Minas Gerais state, releasing a torrent of sludge that killed some 270 people.

Read more: Eight Vale employees arrested in probe into deadly Brazil dam disaster

“We know that we have a long way to go and we remain firm in our purpose,” Vale’s chief executive, Eduardo Bartolomeo, said in a statement.

Shares in the US-listed miner are down just over one per cent today on the news.

In 2015 a nearby dam, co-owned by iron ore miner Vale and FTSE miner BHP Billiton, collapsed killing 19 people.

Read more: High court judge blocks Brazil lawsuit against BHP