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Vale to Adjust Provisions Following Dam Tragedy Compensation Deal

Mining News - Published on Fri, 19 Jul 2019

Image Source: Reuters
BN Americas reported Brazilian mining giant Vale is likely to adjust its provisions after reaching a deal with prosecutors on compensation for the Córrego do Feijão iron ore tailings dam tragedy. Vale’s tailing dam in Brumadinho in Minas Gerais state collapsed in January in the deadliest mining accident in Brazil's history, leaving some 300 fatalities, including Vale employees and local people. This week, the company signed an accord with labor prosecutors MPT on compensation for relatives of the employee victims of the accident.

Parents, spouses or partners and children of deceased workers will receive USS 132,625 in moral damages, while siblings will receive 150,000 reais. An additional casualty insurance payment of 200,000 reais will be made to parents, spouses or partners and children. There will also be a payment of material damages to dependents worth a minimum of 800,000 reais. A childcare allowance of 920 reais will be paid for each child up to the age of three and education assistance of 998 reais per month for children aged three to 25.

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Posted By : Ratan Singh on Fri, 19 Jul 2019
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