July 17, 2018 / 11:26 PM / a year ago

Vale says to make new $390 million provision for Samarco disaster

FILE PHOTO: The debris of the municipal school of Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, is pictured in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes/File Photo

BRASILIA (Reuters) - Brazilian iron-ore miner Vale SA will make an additional 1.5 billion reais ($390 million) provision in its second quarter results to cover obligations due to the Samarco dam failure, the company said on Tuesday in a securities filing.

Vale said the new provision amounted to 50 percent of the updated calculation of reparations and compensations that will come due over the next 12 years, and adds to an initial provision of 3.7 billion reais made in the second quarter of 2016.

Reporting by Anthony Boadle; Editing by Sandra Maler

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