Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Vale (NYSE: VALE) has agreed to pay 527 million reais ($106m) in compensation to residents of Barão de Cocais, a town in Minas Gerais state, where residents were forced to evacuate due to risks of a tailings dam rupture.
In 2019, a portion of the town’s population close to the Sul Superior dam, at Vale’s Gongo Soco mine, was evacuated.
“The accord includes programs related to income, retraining in tourism and culture, strengthening of municipal public services and demands of the affected communities,” Vale said in a statement.
“An independent technical audit will be hired to monitor the results of the agreement, as well as independent technical assistance to help affected communities select, format, and present projects,” it added.
The Sul Superior dam has been inactive since 2008. It is permanently monitored and the completion of decommissioning of the dam, built in 1982, is scheduled for 2029.
