Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Brazilian federal prosecutors and mining company Samarco are going to ask a local court for additional time to conclude a compensation plan for victims of a dam disaster in Brazil’s Minas Gerais state, the prosecutor’s office said on Wednesday.
They are seeking to obtain 30 more days to finish details of the plan, which is part of a possible larger deal to end all lawsuits related to the disaster in 2015, when flood waters inundated a dam designed to hold back mine waste and caused it to burst, flooding nearby towns and killing 19 people in Brazil’s worst environmental disaster.
Samarco, an iron ore and iron pellets producer controlled jointly by Vale SA and BHP Billiton Ltd, has not operated since then.
Writing by Marcelo Teixeira Editing by Chizu Nomiyama.
