BHP, Vale Strike Deal to Suspend Samarco Lawsuit
The agreement also suspends the BRL155 billion ($41.5 billion) civil claim that was brought forth by the federal government in May 2016 for two years.
According to BHP, during this two-year period, the parties will work together to design a single process for the renegotiation of remediation and compensation programs and progress settlement of the BRL155 billion civil claim.
During the renegotiation period and until revisions are agreed upon, the Renova Foundation will continue to implement the programs. A revised governance structure, based on the framework agreement, has also been agreed upon to enhance community participation in the process, BHP said.
Samarco Mineração S.A. is jointly owned by BHP Billiton Brasil Ltda and Vale S.A. Operations were shut down following the disaster and Samarco said it does not know when operations will resume.