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| Name | Symbol | Market | Type |
|---|---|---|---|
| Vale SA | NYSE:VALE | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.25 | 2.05% | 12.45 | 12.56 | 12.34 | 12.45 | 27,528,776 | 01:00:00 |
From May 2019 to May 2024
By Paul Kiernan
RIO DE JANEIRO--Mining giants Vale SA and BHP Billiton Ltd. plan to offer up to $115 million each in short-term credit lines to their Samarco joint venture, the operations of which were suspended after a catastrophic dam collapse last year.
The loans will be used to "support" Samarco's operations in the first half of 2017, Vale said in a press release, adding that the funds will be made available as they are needed.
Samarco's iron-ore mining has been shuttered since Nov. 5, 2015, when its Fundão tailings dam suddenly failed. The incident triggered an avalanche of mine waste that destroyed communities below the dam and killed 19 people.
In addition to the loans, Vale added that it expects to contribute $181 million in the first half of 2017 to help restore the environment and communities damaged by the accident. That amount will be discounted from a provision of 3.7 billion reais ($1.09 billion) that Vale revealed in its second-quarter earnings.
Write to Paul Kiernan at paul.kiernan@wsj.com
(END) Dow Jones Newswires
November 24, 2016 16:43 ET (21:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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