Vale S A : and BHP enter into an agreement on claims in the United Kingdom and the Netherlands

7/12/24

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Investors

Vale and BHP enter into an agreement on claims in the United Kingdom and the Netherlands

Vale announces that it has entered into an agreement with BHP Billiton Brasil Ltda., BHP Group (UK) Ltd and BHP Group Ltd in relation to group action proceedings in the United Kingdom and the Netherlands relating to the Fundão Dam rupture in Brazil in 2015. The Fundão Dam was owned and operated by Samarco Mineração S.A.

As disclosed on December 2, 2022 , Vale is a defendant to a contribution claim brought by BHP before the English Court, in connection with a group action claim brought against BHP by over 600,000 claimants seeking damages for alleged losses arising from the dam rupture. BHP denies liability in the UK Claims.

As disclosed on March 19, 2024 , Vale became a defendant in proceedings brought in the Netherlands on behalf of over 78,000 claimants who claim to have been affected by the dam rupture. As previously stated, Vale will assess the merits of those claims in due course and defend itself appropriately.

Vale and BHP have entered into a confidential agreement without any admission of liability pursuant to which the contribution claim brought by BHP against Vale in connection with the UK Claims will be withdrawn. The effect of the agreement is that should BHP ultimately be found to have any liability to the claimants in the UK Claims, or should Vale ultimately be found to have any liability to the claimants in the Netherlands, such liability would be shared equally between BHP and Vale. All other terms of the agreement remain strictly confidential.
Vale reaffirms its commitment to repairing the damages caused by the Fundão dam rupture, in compliance with the terms of the 2016 Framework Agreement ("TTAC") and the 2018 Governance Framework Agreement ("TAC Governance") entered into with Brazilian public authorities, Samarco Mineração S.A. and its joint-venture owners, Vale and BHP Brasil.