Ecuador mineral exports could fall by some 20% this year, says official
Mining exports were worth $3.3 billion for Ecuador in 2023.
The judge overseeing Brazilian miner Samarco Mineracao’s bankruptcy has scheduled a mediation hearing between the company, shareholders Vale SA and BHP Group and creditors to hammer out a restructuring agreement.
Creditors rejected the company’s last proposal on April 18 and filed an alternative plan a month later, in which a debt-for-equity swap would turn them into Samarco’s controlling shareholders.
Unions representing employees presented another plan on May 19, with Samarco and its shareholders’ support.
Judge Adilon Claver de Resende said the mediation hearing aims to find middle ground between the proposals. It has not yet been decided how the restructuring would proceed with the two competing plans.
(By Tatiana Bautzer; Editing by Kirsten Donovan)
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