Vale will have to provide R$7,9 billion in guarantees by July 23rd due to the Brumadinho tragedy.
Guarantees were initially demanded at the end of May, following legal action brought by the Public Prosecutor's Office of the State of Minas Gerais (MP-MG). The mining company has stated that it will appeal the decision.
Luciano Costa, Reuters - The mining company Vale reported that a court ruling established that the company must present guarantees worth approximately 7,9 billion reais by July 23rd to secure potential payments of fines related to the Brumadinho (MG) disaster.
"Vale will appeal the decision and will take all necessary measures to ensure its right to defense within the legal deadlines," the company said in a statement on Wednesday.
According to Vale, the guarantee requirement came after a judge from the Court of Justice of Minas Gerais rejected a request for a stay of execution filed by the company.
The guarantees were initially demanded at the end of May, following a lawsuit filed by the Public Prosecutor's Office of the State of Minas Gerais (MP-MG), but in early June the company managed to obtain an injunction to suspend the decision.