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Brazil’s Vale to pay $46 million for failing to meet deadline to decommission tailings dams -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This is the logo of Brazilian mining company Vale SA. It can be found in Brumadinho Brazil, January 29, 2019. REUTERS/Adriano Machado

RIO DE JANEIRO – Brazilian miner Vale SA will sign a deal with the local authorities on Friday. It must pay 236.7 Million Reals ($46.0 Mio.) to comply with a deadline for decommissioning its tailings dams located in Minas Gerais. This document was seen by Reuters.

The draft agreement with Minas Gerais’ state prosecutors states that the company will take on a number of obligations in order to eliminate all its downstream tailing dams. Minas Gerais’ prosecutors have confirmed that the agreement was signed.

($1 = 5.1457 reais)

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