BHP Billiton’s stricken Samarco iron ore joint venture is nearing a $7 billion settlement with the Brazilian government for environmental and community damages caused by a deadly dam disaster last year, the country’s attorney general said.
Talks had “advanced significantly” and a deal could be reached by early February, Attorney General Luis Inacio Adams told reporters after representatives from Samarco and the government met on Thursday, Reuters reported.
Under the preliminary plan still under negotiation, Samarco would be given up to 10 years to pay the 20 billion reais fine and need to address 38 requirements.