http://www.bbc.com/news/business-35713165
The owners of a Brazilian mine that breached a dam, setting off a deadly mudslide, has agreed to pay $4.4bn reais (£804m) in damages.
Samarco - co-owned by Vale and BHP Billiton - will pay $2bn reais in 2016 and $1.2bn in 2017 and 2018.
The Brazilian government originally demanded $20bn reais to address what is considered the country's worst environmental disaster.
In November, two Samarco dams ruptured setting off a deadly mudslide.
The mudslide destroyed the town of Mariana in southern Brazil and killed 19 people.
"This agreement demonstrates our commitment to repairing the damage caused and to contributing to a lasting improvement in the Rio Doce," Samarco said in a statement.
Under the terms of the agreement Brazilian Vale and Australian BHP Billiton will be jointly responsible for the payments if Samarco cannot make them.
The money is being divided into two categories - environmental restoration and compensation for communities.
In February, a police investigation determined Samarco executive had been negligent. Six of the mine's executives including its president were charged with homicide.
http://www.smh.com.au/business/mining-and-resources/samarco-deal-reduces-penalty-costs-20160229-gn6ygx.html
Samarco, which is a 50/50 joint venture between BHP and Vale, will set up a foundation that will run reparatory and compensatory programs in the areas affected by the dam spill.
Samarco will pay the foundation the equivalent of $US500 million this year, the equivalent of $US300 million in 2017 and the equivalent of $US300 million in 2018, with those payments being made in Brazilian currency.
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The company will pay no more than $US400 million in each of the years between 2019 and 2021, and potentially as little as $US200 million in each of those years.
The agreement requires court approval in Brazil, and if successful, will settle a civic public claim lodged by Brazilian authorities for 20 billion Brazilian reais ($US5.13 billion) in remediation payments.
BHP chief executive Andrew Mackenzie welcomed the deal.
"The agreement demonstrates our commitment to repairing the damage caused and to contributing to a lasting improvement in the Rio Doce," he said.
The agreement does not prevent Samarco, BHP and Vale facing further claims for damages arising from the dam spill.