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Vale says Samarco settles civil suit with Brazil over dam spill

Reuters - UK Focus

RIO DE JANEIRO, March 2 (Reuters) - Brazil's Vale SA said on Wednesday its joint venture with BHP Billiton (NYSE: BBL - news) , Samarco, had agreed to settle a civil suit with the Brazilian government for damages caused by a deadly dam spill in November.

Under the agreement, Samarco will pay 2 billion reais ($514 million) this year, 1.2 billion reais in 2017 and 1.2 billion reais in 2018 into a fund to cover the clean up.

In the event Samarco is unable to pay its obligations, Vale and BHP would be responsible to cover the costs, Vale said in a statement. ($1 = 3.8875 Brazilian reais) (Reporting by Stephen Eisenhammer; Editing by Chris Reese)