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11/17/2015

Vale supports the 1 billion real emergency fund for Minas Gerais

Vale supports the 1 billion real emergency fund announced on November 16 by Samarco, Brazilian federal and Minas Gerais state prosecutors. The Preliminary Commitment will guarantee funding for a range of emergency measures including prevention, mitigation, remediation and compensation for environmental and social effects of the incident at Samarco’s Fundão dam on November 5.

The plans to create the emergency fund had been first announced by Vale’s CEO Murilo Ferreira, BHP’s CEO Andrew Mackenzie and Samarco’s president Ricardo Vescovi at a press conference on November 11 in Mariana, Minas Gerais state.

Samarco will manage the Emergency Fund in conjunction with the Prosecutors’ office who will also select an independent auditor to audit the fund’s expenses. Samarco will make a deposit of 50% of the total amount within 10 days and will present within a month guarantees related to the remaining amount.

Samarco also signed a Commitment with authorities in Espirito Santo to cover measures in the municipalities of Baixo Guandu, Colatina, Linhares and Marilândia to prevent and mitigate socio-environmental impacts. The measures include ensuring a supply of water in the affected areas and the immediate rescue of flora and fauna in the area.

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