Vale to Pay USD 7 billion for Brumadinho Dam Disaster in 2019
Brazilian iron ore miner Vale has agreed to pay BRL 37.7 billion (USD 7 billion) in compensation for the Brumadinho dam disaster that killed 270 people and caused
Brazilian iron ore miner Vale has agreed to pay BRL 37.7 billion (USD 7 billion) in compensation for the Brumadinho dam disaster that killed 270 people and caused significant environmental damage. Vale Vale informs that, today, it entered into a Global Settlement with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental and social damage resulting from the B-1 dam rupture, which occurred on January 25, 2019, in Brumadinho, Minas Gerais. The mediation process was conducted by the Court of Justice of Minas Gerais, through the Judicial Center for Resolution of Conflicts and Citizenship. The Global Settlement has an economic value of BRL 37,689,767,329 contemplating socio-economic and socio-environmental reparation projects.
The settlement does not interfere with any criminal cases against Vale personnel and other civil suits related to the environmental damage.
The disaster occurred on 25 January 2019 when a dam collapsed at Vale’s Córrego do Feijão iron mine. The incident released a mudslide on the local town of Brumadinho inundating mining offices, houses and farms. Several Vale employees also lost their lives in the incident.