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Brazil state eyes at the least $5.3 billion Vale deal after dam burst, official says By Reuters


© Reuters. FILE PHOTO: A helmet with a brand of Vale SA is seen in a collapsed tailings dam owned by the corporate, in Brumadinho

By Luciano Costa

RIO DE JANEIRO (Reuters) – The Brazilian state of Minas Gerais is hoping to win at the least 28 billion reais ($5.3 billion) from a compensation cope with miner Vale SA (NYSE:) after the 2019 Brumadinho lethal dam burst, a senior state official mentioned on Wednesday.

State and Vale officers will meet on Thursday, when it’s anticipated talks on compensation will start, forward of a court-mediated listening to anticipated in January, mentioned state secretary basic Mateus Simões.

“The concept is that we finish the textual content dialogue tomorrow and begin the worth dialogue,” he advised Reuters. “Definitely the ground for the start of the negotiations must be 28 billion reais.”

The federal government of Minas Gerais has requested in court docket whole damages of roughly 54 billion reais for the fabric and ethical damages associated to the rupture of the Vale dam in Brumadinho on Jan. 25, 2019. The catastrophe left about 270 useless.

Vale advised Reuters that “there’s nonetheless no definition of values.” It mentioned “it stays dedicated to totally repairing the affected and the impacted communities.”

($1 = 5.28 reais)

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