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BHP Group Ltd ( (AU:BHP) ) has shared an update.
BHP Group Ltd has been found liable by the English High Court under Brazilian law for the 2015 Fundão dam failure, with damages to be assessed in future trials. BHP plans to appeal the decision and continues to defend the UK group action. The company has already engaged in extensive remediation and compensation efforts in Brazil, including a US$32 billion settlement agreement with Brazilian authorities. This agreement has compensated over 610,000 people, including many claimants from the UK group action, potentially reducing the size and value of these claims. BHP believes the UK group action duplicates efforts already made in Brazil. The company has updated its financial provisions to reflect the UK court’s decision, with expected cash outflows for Samarco aligned with previous financial forecasts.
More about BHP Group Ltd
BHP Group Ltd is a leading global resources company headquartered in Australia. The company is primarily involved in the extraction and processing of minerals, oil, and gas, with a significant focus on iron ore, copper, and coal. BHP operates in various regions worldwide, providing essential resources to industries and markets globally.
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