"Vale/BHP's Samarco To Pay $5.1 Billion In Damages For Dam Disaster"

"Mining company Samarco and its owners, BHP Billiton and Vale SA, reached a deal with the Brazilian government on Wednesday to pay an estimated 20 billion reais ($5.1 billion) in damages over 15 years for a deadly dam spill in November.

Considered Brazil's worst environmental disaster, the burst tailings dam in the state of Minas Gerais killed 19 people, left hundreds homeless and polluted a major river.

Of the total, Samarco will pay 4.4 billion reais through 2018 into a fund to cover the cleanup of the spill from the tailings dam. From 2019 to 2021, payments will be between 800 million reais and 1.6 billion reais."

Anthony Boadle and Stephen Eisenhammer report for Reuters March 3, 2016.

Source: Reuters, 03/03/2016