July 15, 2020 / 11:28 AM / a month ago

Vale ordered to set aside $1.47 billion for Brumadinho dam damages -filing

FILE PHOTO - A map of operations is displayed at the booth of Brazilian mining company Vale SA at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

SAO PAULO (Reuters) - A Brazilian court has ruled that Vale SA must present 7.9 billion reais ($1.47 billion) in guarantees by July 23 related to last year’s Brumadinho dam disaster, the mining company said on Wednesday.

This amount would ensure the enforcement of any potential fine or forfeiture of assets, rights and values related to the disaster, the company said in a filing, adding that it will appeal the decision.

In May a judge in the state of Minas Gerais ordered Vale to present guarantees, but another court decision suspended that ruling in June.

Reporting by Carolina Mandl; editing by Louise Heavens and Jason Neely

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