Samarco deal (and return) imminent

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From The Australian:

The Brazilian government expects to reach an agreement by Friday with Samarco Minerao SA to settle a 20 billion-real ($A7 billion) lawsuit for damages in a deadly dam disaster, Brazil’s attorney general Lus Incio Adams says.

If that deal is signed by next week, Samarco, shut since the November 5 accident, could resume mining operations later this year, Adams said on Wednesday.

…Samarco’s initial efforts to write a long-term environmental recovery plan, which were rejected by IBAMA on January 28, will have to improve.

…Samarco plans to file a revised recovery plan later on Wednesday, the company said in an e-mailed response to questions.

Hellooo 39 million tonnes of iron ore.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.