Vale issues update on freezing of funds
Published by Stephanie Roker,
Global Mining Review,
Vale informs on the decision by the Court of Barão de Cocais on 25 March 2019, regarding the request for a preliminary injunction within the scope of the Public Civil Action 5000045-50.2019.8.13.0054 by the Public Prosecution Office of the State of Minas Gerais and the Public Defender's Office of the State of Minas Gerais, that determined the freezing of Vale's funds on the amount of R$2 950 000 000, aiming to ensure the reimbursements to cover for any potential property or non-property losses incurred by the people affected by removal that occurred or that may occur in relation to Sul Superior dam, of the Gongo Soco mine, in Barão de Cocais.
Vale was not formally notified of the decision and will take the appropriate measures in due course.
Additionally, Vale informs on the decision by the judge on duty of the Court of Belo Horizonte on 24 March 2019, regarding the request of a preliminary injunction within the scope of the Public Civil Action 5013909-51.2019.8.13.0024 by the Public Prosecution Office of the State of Minas Gerais, that determined the company to present a report by an independent technical auditing firm on the stability condition of the Sul Superior structure, in Gongo Soco mine, as well as to create an action plan that will be submitted for approval by ANM (Agência Nacional de Mineração) and SEMAD (Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável), to adopt other measures aiming to ensure the stability and safety of the structure and also to abstain from carrying on any activity that might increase the dam risk. The judge on duty refused to grant the request for freezing of Vale's funds on the amount of R$120 million to cover for the cost of the technical auditing of the structures included in the Public Civil Action.
Vale was formally notified of the decision and will take the appropriate measures in due course.
Read the article online at: https://www.globalminingreview.com/finance-business/26032019/vale-issues-update-on-freezing-of-funds/
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