Mining firm Vale SA agreed to pay $7.03bn in a settlement with Brazilian authorities for the Brumadinho dam collapse in 2019 that left 270 dead.
The settlement is lower than the $10bn the authorities were originally demanding.
“The amount that was negotiated does not cover the damage caused to all families, deaths, and environmental destruction in the basin,” protested Joceli Andrioli of a campaign group called the Movement of People Affected by Dams.
The dam collapse released 12 million cubic meters of mining waste in the state of Minas Gerais at the Córrego do Feijão mine and destroyed everything in its path.
Vale will also make cash payments directly to affected people and make investments in environmental rehabilitation projects in addition to the settlement. Vale expected to spend an additional $3.7bn based on their 2020 result.
“This is the largest reparation agreement ever signed in Latin America in financial terms and with the participation of the state,” said a representative for the state of Minas Gerais.
There are already 8,900 people in parties of civil or labor indemnification agreements, while more than 100,000 have received emergency aid totaling $336 million.
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