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Minas Gerais State Court Declares Vale Liable for Carrying Out Repairs

Mining News - Published on Thu, 11 Jul 2019

Image Source: MercoPress
Vale has informed the decision by the Lower Public Treasury Court of Belo Horizonte, on July 9th, which declared Vale responsible for reparation of damages caused by the breach of the tailing dam in Córrego do Feijão, in extension and form to be subsequently defined. The decision acknowledged Vale's cooperation, including financial ones, with all initiatives requested by authorities during conciliation hearings held with the bodies of the Judicial system, such as Public Defense Office of the State of Minas Gerais and of the Union and the Public Prosecutors Office.

The court maintained BRL 11 billion blocked. However, it authorized the replacement of BRL 5 billion for other financial guarantees, such as bank guarantees, insurance guarantees and/or investments at the disposal of the court, in addition the previously approved replacement of BRL 500 million. Furthermore, the request for suspension of activities and the judicial intervention of Vale were denied, as there are sufficient guarantees to compensate for the damages.

Vale reaffirmed its total commitment to the prompt and fair reparation of damages caused to the families, to the infrastructure of communities and to the environment.

Source :

Posted By : Sanju Moirangthem on Thu, 11 Jul 2019
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