NEW YORK (TheStreet) -- BHP Billiton Limited (BHP) - Get BHP Group Ltd Sponsored ADR Report shares are down by 5.21% to $30.75 on heavy volume in mid-morning trading on Friday, after a mine dam in Brazil jointly owned with Vale SA (VALE) - Get Vale S.A. Sponsored ADR Report burst late Thursday, resulting in at least two people confirmed dead and over 30 injuries, according to Reuters.
Local television outlets showed footage of the town of Bento Rodrigues covered in mud, as mudslides leveled trees and spread waste water in the southeastern Brazilian village.
"We have offered our full and complete assistance to the Samarco team and to the local authorities in the first instance to manage the immediate rescue efforts and then of course to help with the very important clean-up and afterwards the investigation," CEO Andrew Mackenzie said in a statement.
The defective dam had valid licenses from environmental authorities, who last inspected the structures in July, according to the joint venture company that runs the mines, Samarco.
The Samarco Mineracao venture produced about 25 million metric tons of iron pellets last year with a value of about $6.2 billion, according to Bloomberg.
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