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Vale to pay $106.5 million to workers affected by Brazil dam disaster

Vale to pay $106.5 million to workers affected by Brazil dam disaster
FILE PHOTO: The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. REUTERS/Washington Alves   -   Copyright  WASHINGTON ALVES(Reuters)
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RIO de Janeiro (Reuters) – Brazilian mining company Vale SA <VALE3.SA> said on Monday it would pay 400 million reais ($106.52 million) to compensate workers affected by the deadly rupture of a tailings dam in January that killed at least 240 people.

In a statement, Vale said the deal also involves individual compensation for moral and material damages, including job stability and other benefits for a certain period of time.

In May, the company said it was taking $2.42 billion (£1.93 billion) in writedowns for payments to victims’ families and estimated out-of-court settlements for various damages related to the dam collapse, including $247 million for a “framework agreement” with labor prosecutors.

(Reporting by Marta Nogueira; Writing by Gabriela Mello; Editing by Richard Chang)

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