Vale told investors late last week it expects a judge to soon settle an agreement reached with BHP Billiton and the Brazilian government over their co-owned pellet producer Samarco, according to media reports.
The company’s general counsel Clovis Torres said it shouldn’t take “too long” for a court in Brazil to approve a settlement over a deal both parties reached with the Brazilian government to pay BRL 20 billion in damages over the period of 15 years following the Mariana disaster.
Vale and BHP Billiton initially reached the deal in March this year; however, in Brazil a judge must ratify a settlement for it to be legally binding.
Another positive signal indicating Samarco could restart production next year is the approval by Brazil’s department of mineral production, DNPM, to allow Samarco to use its Alegria do Sul pit for iron ore waste.