Mining company behind dam burst sign clean-up deal

Published March 02, 2016

The company running an iron ore mine whose dam break caused the worst environmental disaster in Brazil's history has agreed to initially pay 4.4 billion reais ($1.1 billion) to clean up the Doce River over the next three years

Samarco says in a Wednesday news release that it will pay the money to a foundation in charge of restoring the river basin. Beginning in 2019, the company will fund the foundation's annual budget of 800 million to 1.6 billion reais ($205 million to $410 million).

The dam mine failed in November, unleashing a flood of toxic mud that killed 19 people, wrecked several towns and damaged the environment along the river.

Samarco is a joint venture of the giant mining companies Vale of Brazil and BHP Billiton of Australia.

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