Brazilian pellets producer Samarco, a 50/50 joint venture between Vale and BHP Billiton, has committed itself to pay one out of 68 fines the Brazilian environment authority and the states of Minas Gerais and Espirito Santo have imposed on the local producer, according to a media report from El Pais.
According to El Pais, Samarco is expected to pay one of the 68 fines in 59 installments. Samarco has reportedly paid the first installment. The total of the fine accepted is presently unknown.
The 68 fines total BRL 552 million ($174 million), El Pais said, citing data from the country’s environment authority, Ibama. Ibama, itself, has imposed BRL 344.8 million ($109 million) in fines against Samarco. The other 67 fines remain unpaid. El Pais said Samarco is appealing the remaining fines.
$1= 3.17 BRL, 8/11/2017