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Samarco Is Close to a Settlement With Brazil Prosecutors

  • Final details should be ironed out in coming days: sources
  • Resolving legal cases would allow debt negotiations to begin
General view of the rebuilding site next to the collapsed iron ore waste dam of Brazilian mining company Samarco, in Mariana, Minas Gerais State, Brazil, on October 26, 2016.

Photographer: Yasuyoshi Chiba/AFP via Getty Images

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After a year of back and forth, the owners of the Samarco iron-ore mine are close to signing a definitive settlement with Brazilian prosecutors that will clear the way for restart preparations and debt talks to begin, people briefed on the matter said. Bonds jumped.

Joint venture partners Vale SA and BHP Billiton Ltd. have already secured four court extensions to negotiate the settlement of a multibillion-dollar claim stemming from a fatal tailings dam disaster in 2015.