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BHP Still Sees Room to Negotiate With Samarco’s Creditors

  • Mining giant says it is committed to Brazilian venture
  • BHP wants to vote on plans presented by unions and bondholders
Samarco became unable to pay its 50 billion reais ($10.2 billion) debt after its waste dam collapsed in 2015, killing 19 people in Mariana, Minas Gerais. 

Samarco became unable to pay its 50 billion reais ($10.2 billion) debt after its waste dam collapsed in 2015, killing 19 people in Mariana, Minas Gerais. 

Photographer: Jonne Roriz/Bloomberg

BHP Group is willing to protect its joint venture in Samarco Mineracao SA, saying it sees room to negotiate with financial creditors in the Brazil miner’s debt restructuring.

“We’re absolutely committed to making sure that Samarco is reset to be the sustainable operation it always has been and should be again for the next few decades,” Simon Duncombe, vice president of BHP’s joint venture in Brazil, said in an interview. He denied any intention of walking away from the investment.