Landmark $29.85 Billion Deal for Mariana Dam Disaster Compensation Signed

Brazil signed a significant $29.85 billion compensation agreement with BHP, Vale, and Samarco for the disastrous 2015 Mariana dam collapse. This deal provides reparations for affected communities and environmental recovery. Payments span until 2043, potentially concluding hundreds of legal proceedings against the companies involved.

In a historic move, Brazil inked a massive $29.85 billion compensation deal with mining giants BHP, Vale, and Samarco on Friday, aiming to address the damages from the catastrophic 2015 Mariana dam collapse. This tragedy, one of Brazil's worst environmental disasters, claimed 19 lives, displaced hundreds, and contaminated the Doce River.

President Luiz Inacio Lula da Silva oversaw the agreement signing in Brasilia. The deal stipulates an initial 5 billion reais payment within 30 days and outlines substantial funds for public authorities and victim compensation over two decades. Additionally, 32 billion reais will aid affected individuals and regions.

The solicitor general, Jorge Messias, emphasized the agreement's potential to restore financial stability to families and propel environmental recovery. Annual payments, varying from 7 billion to 4.41 billion reais, are scheduled through to 2043. BHP stated the payments align with its provisions and could potentially conclude numerous legal issues domestically and abroad.

(With inputs from agencies.)