June 30, 2017 / 6:38 AM / a year ago

BRIEF-BHP updates on legal settlelement over the Samarco mine disaster in Brazil

June 30 (Reuters) - BHP Billiton Ltd

* Approved a total of US$250 million in financial support for renova foundation and Samarco Mineração S.A. Until 31 Dec 2017

* The amount of US$174 million will be used to fund renova foundation for remediation and compensation programs identified under framework agreement

* Operations at Samarco are unlikely to restart in cy2017

* This $174 million amount will be offset against group’s provision for samarco dam failure

* Short-term facility of up to US$76 million will be made available to samarco to carry out remediation, stablisation work & to support Samarco’s operations

* Resuming operations at Samarco would require government approvals, granting of licenses by state authorities and restructure of Samarco’s debt

* ‍On 18 Jan, Samarco, Vale S.A. (Vale) and BHP Billiton Brasil entered preliminary agreement with federal prosecutors’ office in Brazil​

* Court has extended final date for negotiation of a settlement until 30 October 2017

* ‍Under prelim agreement, parties agreed to suspend federal prosecutor’s brl 7.7 billion injunction application in BRL 155 billion civil claim​

* ‍Parties agreed to request 12th federal court of Belo Horizonte replace BRL 1.2 billion injunction in BRL 20 billion civil claim with interim security of BRL 2.2 billion​

* ‍Parties also agreed under preliminary agreement to suspend BRL 20 billion asset freezing order application made by federal prosecutors​ Source text for Eikon: Further company coverage:

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