Court ratifies Vale’s deal to pay for environmental damages

Monday, 14 September 2020 23:44:46 (GMT+3)   |   Sao Paulo

A Brazilian court has ratified a deal between local iron ore producer Vale and the Brazilian attorney general's office, known as AGU, in which Vale agrees to pay BRL 250 million ($47.4 million) in fines for the Brumadinho disaster, which killed 270 people.

According to AGU, Vale agreed to settle fines imposed by environment regulator, Ibama, following the Brumadinho dam burst. As a result of the deal, Vale no longer has pending fines from Ibama related to the Brumadinho disaster.

The settlement with AGU and Ibama does not exclude lawsuits and demands other entities have or might have against Vale. AGU said it will use the proceeds to invest in the conservation of Brazilian parks, sanitation, and solid waste projects in Minas Gerais state.

Most Recent Related Articles

Vale aims to reach iron ore capacity of 450 million mt

Vale to shut down manganese facility in Brazil

Brazil expects $7.5 billion investment in railways, including Vale’s

Brazilian prosecutors file injunction demanding safety measures at Vale

Fitch reviews iron ore price assumptions on Vale’s limited supply