https://www.miningweekly.com
Financial|Mining|Safety|Maintenance
Financial|Mining|Safety|Maintenance
financial|mining|safety|maintenance

BHP confirms class action over Samarco dam disaster

BHP confirms class action over Samarco dam disaster

Photo by Bloomberg

23rd July 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Mining major BHP on Monday said that it would defend itself against a class action filed in the Federal Court of Australia, in Victoria, relating to the Samarco dam failure.

While the miner did not reveal any details regarding the class action proceedings, media reports on Monday said that some 3 000 investors had signed up to participate in a class action against the diversified major, alleging that the company breached disclosure obligations and engaged in misleading and deceptive conduct.

The claim alleges that a number of issues were encountered at the tailings dam in Brazil in the years before the dam failure in 2015, and that spending on safety and maintenance at the tailings dam had declined between 2012 and the time of the dam’s failure.

BHP last week warned shareholders of a $650-million financial impact relating to the Samarco dam failure, which claimed 19 lives.

BHP, its joint venture partner Vale and the federal government of Brazil, as well as the states of Espirito Santo and Minas Gerais, and the Public Prosecutors in June agreed to an arrangement to settle a 20-billion real civil claim, enhance community participation in decisions related to the remediation and compensation programmes, and to establish a process to renegotiate and progress the settlement of a 155-billion real civil claim.

BHP also announced a further $211-million financial support for the Renova Foundation and Samarco, until the end of December, which consisted of $158-million to the foundation, that will be offset against the group’s provision for the Samarco dam failure, as well as a short-term loan facility of up to $53-million to be made available to Samarco.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine video image
Magazine round up | 29 March 2024
29th March 2024

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.161 0.196s - 90pq - 2rq
Subscribe Now