(Reuters) - Global miner BHP Group said on Tuesday it would pay A$110 million ($72.52 million) to settle an Australian shareholder class action related to the deadly 2015 Fundao tailings dam collapse.
BHP Settles A$110 Million Class Action Over 2015 Dam Disaster
BHP's Settlement of the Samarco Class Action
(Reuters) - Global miner BHP Group said on Tuesday it would pay A$110 million ($72.52 million) to settle an Australian shareholder class action related to the deadly 2015 Fundao tailings dam collapse.
Background of the Dam Collapse
The class action was filed in the Federal Court of Australia in 2018 on behalf of the shareholders who had acquired BHP shares prior to the Fundao Dam failure.
Legal Proceedings and Outcomes
The dam collapse at an iron ore mine owned by Samarco near the city of Mariana in southeastern Brazil had killed 19 people. The disaster also left hundreds of people homeless and flooded forests and polluted the Doce River.
Financial Implications for BHP
Samarco is a joint venture between BHP's Brazilian unit and miner Vale.
In 2024, a Brazilian federal court ruled that Vale, BHP and Samarco were not criminally liable for the dam collapse.
BHP, the world's largest listed miner, said it expects to recover the majority of the settlement amount from its insurers.
($1 = 1.5168 Australian dollars)
(Reporting by Rajasik Mukherjee; Editing by Shilpi Majumdar)
