Tailings dam – Vale asset freeze sought

IOM3 Content Cafe
,
27 Aug 2020

State and federal prosecutors in Minas Gerais, Brazil, are seeking a freeze on nearly UA$5 billion in assets from Vale SA as payment in part for damages from the 2019 Brumadinho dam disaster.

Vale issued a statement noting it had already provisioned significant amounts (US$1.9 billion), between guarantees and deposits ordered by a judge. The company was not formally notified by authorities of the latest request, which Vale says is part of the civil case opened in January 2019.

The dam burst resulted in significant damage and loss of life. Cases are ongoing.