BHP Billiton Flags US$1.1 Billion-US$1.3 Billion Provision Over Samarco Disaster
28 July 2016 - 9:17AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) said it will record a
provision totaling US$1.1 billion to US$1.3 billion in relation to
last year's dam failure at Brazilian iron-ore mining operations it
jointly owns with Vale SA (VALE).
That amount "is approximately equivalent to a 50% share of the
current estimate of Samarco's funding obligations under the terms
of the framework agreement entered into on March 2," BHP said in a
regulatory filing.
It said it will also record direct costs of roughly US$100
million after tax. BHP will report its annual financial results
next month.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 27, 2016 19:02 ET (23:02 GMT)
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