BHP says Brazilian court approves Samarco debt reorganisation plan – Reuters

Sept 4 (Reuters) – Australian mining giant BHP (BHP.AX) said on Monday a Brazilian court had approved the reorganisation plan for its Samarco joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt restructuring.

The debt reorganisation is intended to help Samarco meet funding obligations related to rectifying and providing compensation for the damage caused by a 2015 dam collapse that killed 19 people in Brazil’s worst-ever environmental disaster.

On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised Samarco’s restructuring plan as part of the ongoing proceedings, BHP said.

The reorganisation plan for Samarco, an iron ore miner that is 50% owned by…

Read the full article at: https://www.reuters.com/markets/commodities/bhp-says-brazilian-court-approves-samarco-debt-reorganisation-plan-2023-09-03/