Brazilian Judge Freezes Samarco Assets to Guarantee Cleanup

- February 23rd, 2016

Reuters reported that a Brazilian judge has blocked $127 million worth of the assets of Samarco Mineracao SA, a joint venture between Vale SA (NYSE:VALE) and BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP).

Reuters reported that a Brazilian judge has blocked $127 million worth of the assets of Samarco Mineracao SA, a joint venture between Vale SA (NYSE:VALE) and BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP). The move is intended to guarantee the cleanup of a town damaged by last year’s tailings dam breach at the Samarco mine.
As quoted in the market news:

In a statement, the Minas Gerais state prosecutors who requested the judicial action said the mudslide had destroyed schools, water and sewage networks, football pitches and public buildings in the town of Barra Longa and surrounding area.
As well as the asset freeze, the judge approved a 500 000 reais daily fine if the companies do not present a plan within 30 days to fix the damage caused. The repair work must be completed within six months.
The decision was first reported by newspaper O Globo earlier this month but only became public on Monday.

Click here to read the full Reuters report.

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