PRESS RELEASE: An amount of $133 million will be used to fund the Renova Foundation to undertake remediation and compensation programmes identified under the agreement dated March 2, 2016, between Samarco, Vale, BHP Brasil and the Brazilian authorities. This amount will be offset against the group’s provision for the Samarco tailings dam failure in Brazil.
An amount of $48 million will be made available to Samarco. This amount includes a short-term facility of up to $42 million to carry out ongoing repair works, maintain Samarco’s facilities and support restart planning, and an amount of $6 million to cover fees payable to experts appointed in connection with the remediation and compensation programs. Funds will be released to Samarco only as required and subject to achievement of key milestones.
In addition, Vale said it intended to make short-term facilities of up to $48 million available to Samarco in the first half of this year.
