Minas Gerais state expects Vale to pay $5.2 billion to settle Brumadinho disaster

Thursday, 07 January 2021 21:02:02 (GMT+3)   |   Sao Paulo

The government of Minas Gerais state expects Brazilian miner and iron ore producer Vale to pay a minimum BRL 28 billion ($5.2 billion) settlement to end the Brumadinho dispute.

The Brumadinho dam burst killed 272 people and limited Vale’s iron ore supply in 2019 and 2020. Both the government of Minas Gerais and Vale should meet on Thursday in a private meeting.

The potential Brumadinho settlement with the government of Minas Gerais doesn’t affect the BRL 155 billion ($28.8 billion) lawsuit reinstated by prosecutors over Mariana. Late in November 2020, as reported by SteelOrbis, Vale called market estimates for a “potential” Brumadinho settlement by analysts as “speculative.”

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