https://www.engineeringnews.co.za

BHP extends $115m to Samarco for remediation work

25th November 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Mining major BHP Billiton has extended a $115-million short-term facility to its joint venture with iron-ore (JV) major Vale in Brazil, to carry out remediation and stabilisation work to support the Samarco operations.

BHP said on Friday that the funds would be released to Samarco only as required, and subject to the achievement of key milestones.

The short-term facility would allow BHP to preserve the value of its investment as options to restart the Samarco operations continue to be assessed, the company said.

BHP has maintained that a restart of Samarco operations is important for both the JV partners, as well as for the local communities and the wider Brazilian economy.

The company has said that a restart of Samarco will only occur if it is deemed safe and economic to do so, and once all the necessary approvals have been obtained.

Meanwhile, BHP has also approved $181-million to fund the remediation and compensation programmes identified under the previously established Framework Agreement.

The amount will be offset against the group’s $1.2-billion provision, which was recognised at the end of June this year.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.081 0.133s - 156pq - 2rq
Subscribe Now