Rio Tinto ready to build Simandou after almost 30 years of setbacks
Simandou has faced delays due to legal disputes, political changes, and the challenges of building a 600 km rail and port infrastructure.
Brazilian mining company Vale SA said on Monday it would pay 400 million reais ($106.52 million) to compensate workers affected by the deadly rupture of a tailings dam in January that killed at least 240 people.
In a statement, Vale said the deal also involves individual compensation for moral and material damages, including job stability and other benefits for a certain period of time.
In May, the company said it was taking $2.42 billion in writedowns for payments to victims’ families and estimated out-of-court settlements for various damages related to the dam collapse, including $247 million for a “framework agreement” with labor prosecutors.
($1 = 3.7552 reais)
(By Marta Nogueira and Gabriela Mello; Editing by Richard Chang)
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