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Vale to Pay $106.5M to Workers Affected by Brazil Dam Disaster


FILE - A view of a collapsed tailings dam owned by Brazilian mining company Vale SA, in Brumadinho, Brazil, Feb.10, 2019.
FILE - A view of a collapsed tailings dam owned by Brazilian mining company Vale SA, in Brumadinho, Brazil, Feb.10, 2019.

Brazilian mining company Vale SA said on Monday it would pay 400 million reais ($106.52 million) to compensate workers affected by the deadly rupture of a tailings dam in January that killed at least 240 people.

In a statement, Vale said the deal also involves individual compensation for moral and material damages, including job stability and other benefits for a certain period of time.

In May, the company said it was taking $2.42 billion in writedowns for payments to victims' families and estimated out-of-court settlements for various damages related to the dam collapse, including $247 million for a "framework agreement" with labor prosecutors.

($1 = 3.7552 reais)

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    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

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