BHP Billiton plc (LON:BLT) has said it will pay up to US$181.0mln to support the restoration of the environment and communities after the Samarco dam failure in Brazil in November 2015.
The FTSE 100-listed miner said US$133.0mln of the amount will go towards the Renova Foundation for remediation and compensation programmes agreed by Samarco, Vale SA, BHP Billiton Brasil LTDA and Brazilian authorities in March 2016.
READ: BHP Billiton and Vale granted more time to settle Samarco disaster claim
BHP Billiton said it will also make US$48mln available to Samarco Mineraco SA, consisting of a short term facility worth US$42.0mln for repair works, maintenance of Samarco's facilities and the supporting of restart planning, and US$6.0mln or fees payable to experts appointed.
The Samarco share of the funds will be subject to the achievement of key milestones, and funding will continue until June 30, 2018.