NEW YORK (TheStreet) -- Shares of BHP Billiton (BHP) - Get Reportclosed down on Tuesday as the company's Samarco mine, jointly owned with Vale (VALE), missed an interest payment on a $500 million bond payment due late yesterday, Reuters reports, citing the Bank of New York Mellon (BNY).
Samarco will have 30 days to make the payment or investors would be able to order the principle due immediately.
The payment due on Monday totaled about $13.5 million, sources told Reuters.
The Samarco mine is based in Brazil, but operations were halted at the location after a deadly spill last November that devastated the region and killed 19 people.
The companies have agreed to pay up to $6.2 billion in compensation and fines related to the collapse, Reuters notes.
Samarco faces $2.2 billion in outstanding bond obligations, $1.6 billion in loans and $54 million in interest payments on several bonds due through November, Reuters said.
About 3.81 million shares of BHP traded on Tuesday vs. the 30-day average volume of about 3.53 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: AAPL