Samarco Mining Just Delivered Its New Bankruptcy Recovery Plan

Written by Roberta Souza

Published on 24/02/2022 at 19:54

Foto: Ricardo Moraes/ fonte: site money times

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The Objective Of The New Recovery Plan For The Mining Company Samarco Is To Reach An Agreement With The Group Of Creditors Who Have R$ 26.4 Billion Of The Company’s Debt

The mining company Samarco has delivered a new version of its judicial recovery plan. The aim of this recovery plan is to reach an agreement with its financial creditors. The recovery plan is set to be voted on during the second call of the Creditors’ General Assembly, which has been rescheduled for March 10, 2022.

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The main change in the judicial recovery plan of the mining company Samarco was a cap of US$ 2.3 billion on Samarco’s contributions to Renova, an organization created to manage the payment of compensation related to the disaster that occurred in 2015 in the municipality of Mariana, Minas Gerais, causing environmental damage to the Rio Doce ecosystem.

If the capital injection exceeds this amount, Vale and BHP – companies that each hold 50% of Samarco’s shares – will foot the bill. Furthermore, the new recovery plan imposes that Samarco will only make contributions to Renova if its cash flow remains at least US$ 300 million. The mining company Samarco was inactive for years due to the tragedy in Mariana, resulting in a judicial recovery request in April 2021.

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About The Mining Company Samarco

After the rupture of the dam in Mariana (MG), which occurred on November 5, 2015, the mining company Samarco had its activities completely halted for 5 years. This dam was used to store iron ore waste from the mining company.

As a result, the mining company Samarco only resumed its activities at the end of 2020, operating at about 26% of its capacity. In its first year, the mining company produced approximately 7.87 million tons of iron ore.

The mining company Samarco serves both Brazil and abroad, aiding in steel production in major companies in the Americas, Middle East, Europe, and North Africa.

The company aims to fully resume its activities by 2029, generating about 7,200 job openings. Within the mining company Samarco, jobs will be created for environmental engineers, mechanical engineers, electrical engineers, safety engineers, programming technicians, occupational safety technicians, assembly mechanics, maintenance mechanics, electricians, plumbers, IT technicians, construction workers, painters, among others.

Samarco Mining Just Delivered Its New Bankruptcy Recovery Plan

The Objective Of The New Recovery Plan For The Mining Company Samarco Is To Reach An Agreement With The Group Of Creditors Who Have R$ 26.4 Billion Of The Company’s Debt

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About The Mining Company Samarco

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Samarco Mining Just Delivered Its New Bankruptcy Recovery Plan

The Objective Of The New Recovery Plan For The Mining Company Samarco Is To Reach An Agreement With The Group Of Creditors Who Have R$ 26.4 Billion Of The Company’s Debt

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About The Mining Company Samarco

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