Brazil Says BHP, Vale Must Guarantee Any Samarco Settlement
- BHP committed to recovery though not currently a guarantor
- Companies will meet with government again on Jan. 28
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BHP Billiton Ltd. and Vale SA must serve as guarantors of an eventual agreement with the Brazilian government to cover cleanup and reparations from the deadly dam spill at their Samarco joint venture, according to Attorney General Luis Inacio Adams.
Brazil is seeking as much as 20 billion reais ($4.9 billion) from Samarco to help restore the river basin and communities destroyed by the tide of mud that swept through Minas Gerais state in November. Company representatives and government officials will meet again on Jan. 28 to finalize details.