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BHP, Vale Samarco JV files for Brazil bankruptcy protection

From reuters.com

Samarco Mineracao SA, a joint venture between Brazilian miner Vale SA and BHP Group Ltd, has filed for bankruptcy protection to prevent creditors’ claims from affecting its operations, Vale said in a Friday securities filing. The collapse of a dam at the Samarco mine complex in 2015 killed 19 people and severely polluted the Doce River with mining waste, one of Brazil’s worst environmental disasters. The facility, which resumed production in December, is the focus of significant litigation from bondholders holding nearly $5 billion in debt. “The (judicial reorganization) filing is necessary to pre (full story)

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