BHP has agreed to a AU$23.7 billion settlement with the Brazilian government over the 2015 Mariana dam disaster.
43 million tons of mining waste were released into nearby villages and the environment after a BHP tailings dam collapsed in Mariana, in the province of Minas Gerais.
19 were killed, and around 200 homes were destroyed.
“The final settlement is expected to provide reparation for the impacts of the dam failure and resolve the Federal Public Prosecution Office claim and all existing claims by the public authorities in relation to the dam failure,” BHP and its joint-venture partner Vale said.
The payment is “on a 100% basis to be delivered to the people, communities and environment impacted by the dam failure”.
The settlement is expected to reach AU$47 billion in total.
BHP and Vale have so far paid AU$11.8 billion in remediation and compensation payments.
A AU$70 billion class action suit has also been filed in the United Kingdom, with 620,000 victims to claim damages from BHP. Litigation will begin this week.
While BHP’s primary stock market listing is in Australia, its listing was in London at the time of the dam collapse.
BHP’s (BHP) stock price closed at $42.06 on Friday, down from $42.86 the day before. Its market cap is AU$215.3 billion.