BHP Billiton (BHP) Stock Slides as Brazil Plans to Sue for Dam Burst - TheStreet

NEW YORK (TheStreet) -- BHP Billiton (BHP) - Get Report stock is falling 2.39% to $26.33 in mid-morning trading on Monday as Brazil prepares to sue the mining company for about $5.24 billion for a fatal dam burst on November 5, Reuters reports.

The two dams in Minas Gerais, Brazil were operated by Samarco, an iron ore mining joint venture owned by BHP Billiton and Vale (VALE).

The spill released 60 million cubic meters of waste and water from a mine, killing 13 people and polluting the Rio Doce valley, Reuters added.

The Brazilian government is seeking to charge BHP Billiton and Vale for funds that will be used to clean up the region over the next decade.

BHP Billiton said the waste was not harmful towards humans, but the United Nations has found toxic materials in the mud created by the spill, Reuters noted.

BHP Billiton and Vale plan to create a fund to aid Samarco in the cleanup of the affected regions.

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