BHP Billiton approves further financial support for Samarco
BHP Billiton has approved further financial support for Samarco. The amount of $181M has been approved to fund the remediation and compensation programs identified under the Framework Agreement which the Renova Foundation governs and oversees. This amount of $181M will be offset against the Group's provision of $1.2B, recognised as at June 30. In addition, a short-term facility of up to $115M will be made available to Samarco to carry out remediation and stabilisation work and to support Samarco's operations. Funds will be released to Samarco only as required and subject to the achievement of key milestones. The short-term facility allows BHP Billiton Brasil to preserve the value of its investment as options for restart continue to be assessed. A restart of Samarco operations is important for Samarco, BHP Billiton Brasil, Vale, the local communities and for the Brazilian economy. Restart will occur only if it is safe and economic to do so and the necessary approvals have been obtained from Brazilian authorities. BHP Billiton Brasil continues to work through options for restart with Vale and Samarco.