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BHP Billiton PLC (BLT)

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Friday 22 December, 2017

BHP Billiton PLC

Samarco Update

RNS Number : 1510A
BHP Billiton PLC
21 December 2017
 

 

 

 

NEWS RELEASE

 

Release Time

IMMEDIATE

Date

22 December 2017

Location

Melbourne

Release Number

37/17

 

 

 

SAMARCO UPDATE

 

BHP has agreed to fund a total of up to US$181 million (BHP Billiton Brasil Ltda (BHP Brasil) share) in financial support for the Renova Foundation and Samarco Mineração S.A. (Samarco) until 30 June 2018.

 

An amount of US$133 million will be used to fund the Renova Foundation to undertake remediation and compensation programs identified under the agreement dated 2 March 2016 between Samarco, Vale S.A., BHP Brasil and the Brazilian Authorities. This amount will be offset against the Group's provision for the Samarco dam failure.   

 

An amount of US$48 million will be made available to Samarco. This amount includes a short-term facility of up to US$42 million (BHP Brasil's share) to carry out ongoing repair works, maintain Samarco's facilities and support restart planning, and an amount of US$6 million to cover fees payable to experts appointed in connection with the remediation and compensation programs.  Funds will be released to Samarco only as required, and subject to achievement of key milestones.

 

Further information on BHP can be found at: bhp.com

Note:

Samarco Mineração S.A. is jointly owned by BHP Billiton Brasil Ltda and Vale S.A.  Our 50 per cent interest is accounted for as an equity accounted investment.

 

 

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BHP Billiton Limited ABN 49 004 028 077

LEI WZE1WSENV6JSZFK0JC28

Registered in Australia

Registered Office: Level 18, 171 Collins Street

Melbourne Victoria 3000 Australia

Tel +61 1300 55 4757 Fax +61 3 9609 3015

 

BHP Billiton Plc Registration number 3196209

LEI 549300C116EOWV835768

Registered in England and Wales

Registered Office: Nova South, 160 Victoria Street

London SW1E 5LB United Kingdom

Tel +44 20 7802 4000 Fax +44 20 7802 4111

 

 

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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