VALE: It Is Impossible To Know When Samarco Will Resume Activity, Says CEO

(RTTNews) - More than two years after the break of a Samarco dam in Brazil caused one of the worst environmental disasters ever recorded, it is impossible to say when the company would resume its operations, said Vale's CEO Fabio Schvartsman at the "Vale Day" in London. Samarco is a joint-venture between Vale and BHP Billiton.

"It is impossible to define when, but it will be resumed," he said. "We are doing everything we can, Vale and BHP, to make it happen as soon as possible. Unfortunately, we have no control over the release of licenses by the authorities. Given the accident that happened there it is understandable that they are taking extra care."

According to Schvartsman, both Vale and BHP Billiton continue to collaborate with the Brazilian authorities and provide clarification whenever requested to ensure that the operating licenses are released.

Samarco's activities were suspended in November 2015, following ther break of a company dam in Mariana, a town located in the state of Minas Gerais. The dam break released mining waste in the Doce river, killing 19 people and polluting the water and its streams for hundreds of miles, from Mariana to the mouth in the Atlantic Ocean.

Schvartsman also said people should remember that Vale and BHP Billiton did not take advantage of the slowness of Brazilian Justice to delay the payment of compensation to people affected by the disaster.

"We are looking for an agreement that makes it possible to compensate people in the shortest time possible. I am sure people will recognize that the disaster was enormous, as well as the given response," he said.