Vale (NYSE: VALE) said on Tuesday it deposited on an escrow account 1.2 billion reais ($252.37 million) as part of a compensation agreement related to the Brumadinho dam disaster in Brazil.
The agreement, which was signed in February 2021, foresees 37.7 billion reais to compensate all the collective damage caused by the Brumadinho dam failure.
Of the total figure, 18.5 billion reais have already been disbursed by Vale, according to a statement.
The resources will later be transferred to the State of Minas Gerais and reverted to projects for improvements in urban mobility and the strengthening of public services, such as road paving and hospital renovation.
The dam collapse at Vale’s Córrego do Feijão mining complex killed 270 people in 2019.
($1 = 4.7549 reais)