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Vale’s Iron Venture With BHP Files for Bankruptcy Protection (1)

April 9, 2021, 10:19 PM

Samarco Mineracao SA, an iron-ore joint venture between Vale SA and BHP Group, has filed for bankruptcy protection in Brazil to shield operations that resumed recently following a deadly dam spill in 2015.

The move will help Samarco protect its assets from creditors and allow for a restructuring of its elevated debt levels, Vale said in a statement Friday. The bankruptcy protection won’t impact Samarco’s investments to clean up damage from the spill that has resulted in 12.2 billion reais ($2.2 billion) in compensation and repair work to date, Vale said.

The venture was once the world’s second-biggest...

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