Brazil’s Vale, state government $2 billion apart on disaster settlement, source says By Reuters

© Reuters. FILE PHOTO: The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo

RIO DE JANEIRO (Reuters) – Brazilian miner Vale SA (NYSE:) and state authorities narrowed their gap in a potential settlement deal over the Brumadinho mining disaster to 11 billion reais ($2 billion) before talks fell apart, a person close to the negotiations told Reuters on Friday.

The Minas Gerais state government lowered its demands for a settlement to 40 billion reais in a meeting with Vale on Thursday, down from the 54 billion reais in damages it previously sought, the source said, who spoke on condition of anonymity as the negotiations were closed. Vale offered 29 billion reais, the person said, with the talks breaking down over the difference.

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