United States

BHP Billiton to recognise provision in range of US$1.1 bln to US$1.3 bln

Wednesday, 27 Jul 2016 06:37pm EDT 

BHP Billiton Ltd: Bhp billiton ltd - update samarco . "Will recognise a provision in the range of US$1.1 billion to US$1.3 billion" . Further short-term facility of up to US$116 million is being made available to Samarco to carry out remediation and stabilisation work . Also approved US$134 million to support the foundation to allow the continuation of reparatory and compensatory programs . Associated income statement charge will be recognised as an exceptional item in June 2016 half-year, together with direct costs of about US$100 million (post tax) . Short-term facility will preserve the value of BHP billiton's investment .Foundation provided for under agreement has been established to deliver the socioeconomic and environmental programs outlined in agreement.