Agreement with Samarco calls on $260 million reserves for environmental damages
The money should be used to cover the costs for urgent measures, to mitigate, repair, or compensate the damages caused by the disaster 
Minas Gerais Public Prosecutors announced Monday (Nov. 16) that an agreement was signed with Samarco mining company—a subsidiary of Brazil's Vale and Australia's BHP Billiton—getting them to pay $260 million as security deposit to repair socio-environmental damages recently caused by the company.
According to public prosecutors, the money should be used to cover the costs for urgent measures, to mitigate, repair, or compensate the damages caused by the disaster from last November 5th, when two Samarco dams burst, causing a sea of mud that destroyed a village and reached the mighty Rio Doce river, affecting several towns of the states of Minas Gerais and Espírito Santo, cutting off water supply and damaging the ecosystem.
So far the accident has caused eleven deaths, twelve people are missing, and over 600 people were evicted from their houses. In a note, Prosecutor Carlos Eduardo Ferreira Pinto reported that the cost for repair jobs may be higher. "However, the term of agreement provides a specific legal warranty, which had not existed before, in which urgent initial costs are safeguarded."
According to public prosecutors, Samarco mining company will manage and draw on funds reserved to rebuilding actions, but the spending should be audited by an independent firm chosen by the prosecution office.
Translated by Amarílis Anchieta
Fonte: Agreement with Samarco calls on $260 million reserves for environmental damages
