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Vale-BHP Samarco restart threatened by environmental petition

May 02, 2016 11:48 AM ETVale S.A. (VALE) StockBHP, VALEBy: Carl Surran, SA News Editor
  • Brazilian prosecutors are trying to prevent the restart of Vale (VALE -0.8%) and BHP Billiton’s (BHP -0.8%) stalled Samarco iron ore venture until the mine proves it is not continuing to pollute waterways following the tailings dam collapse last November, Bloomberg reports.
  • Saying the dam is still leaking, a Minas Gerais state environmental prosecutor filed a petition late last week for a court to block the planned restart until Samarco can submit proof that any leakage has been contained.
  • Vale and BHP are seeking a restart once regulators and the local community are in agreement, to help pay ~$1.1B in damages over the next three years, and Samarco's CEO said in March that he expected the mine to restart operations in Q4.
  • Now read Did BHP Billiton cut the dividend too soon?

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