Vale SA on Friday will sign an agreement with local authorities requiring the Brazilian miner to pay 236.7 million reais ($46 million) for failing to meet a legal deadline to decommission its tailings dams in the state of Minas Gerais, a document seen by Reuters showed.
The logo of the Brazilian mining company Vale SA is seen in Brumadinho, Brazil January 29, 2019. REUTERS/Adriano Machadoon Friday will sign an agreement with local authorities requiring the Brazilian miner to pay 236.7 million reais for failing to meet a legal deadline to decommission its tailings dams in the state of Minas Gerais, a document seen by Reuters showed.
According to the draft agreement, struck with the Minas Gerais state prosecutors, the company will also meet a series of obligations to remove all of its upstream tailing dams.The figure Vale has to pay will be used to fund projects aimed at environmental preservation and the improvement of the government's actions related to the safety of tailing dams, the document showed.
It also said that the agreement brings "more legal and technical security to the process of decharacterization of the company's 23 upstream dams in Minas Gerais."
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