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BHPBill - Samarco update
On 18 January 2017, Samarco and its shareholders, Vale SA (Vale) and BHP Billiton Brasil Ltda (BHP Brasil) entered into a preliminary agreement with the Federal Prosecutors’ Office in Brazil (Federal Prosecutors) in relation to the Samarco dam failure (Preliminary Agreement).
The Preliminary Agreement outlines the process and timeline for negotiation of a settlement of the BRL 155 billion (approximately USD48.6 billion) and BRL 20 billion (approximately USD6.3 billion) Public Civil Claims relating to the dam failure. The Preliminary Agreement also provides for the appointment of experts to advise the Federal Prosecutors in relation to the environmental and socioeconomic impact assessment, and the negotiation of the settlement of the Public Civil Claims.
The Preliminary Agreement suspends a BRL 1.2 billion (approximately USD0.4 billion) injunction order under the BRL 20 billion Public Civil Claim and requests suspension of that claim, with a decision on suspension from the 12th Court pending. The 12th Court previously suspended the BRL 155 billion Public Civil Claim, including the BRL 7.7 billion (approximately USD2.4 billion) injunction request.
On 30 October 2017, the 12th Court approved the extension of the date for negotiation of the settlement arrangements and an amendment to the Preliminary Agreement to agree on socioeconomic experts to advise the Federal Prosecutors, to 16 November 2017. This extension allows for the continuation of the interim security arrangements provided to the Court on 24 January 2017 and for the continued suspension of the legal proceedings and injunctions.
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BHPBill - retirement of director
Malcolm Brinded retired as an independent Non-executive Director of BHPBill on 18 October 2017.
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BHPBill - change to Sustainability Committee Chair
Further to the announcement on 23 August 2017 that Malcolm Brinded has decided not to stand for re-election as a Non-executive Director at the 2017 Annual General Meetings, Mr Brinded will also step down as Chairman of the Sustainability Committee. Malcolm Broomhead has been appointed as the Chairman of the Sustainability Committee from 19 October 2017. Mr Broomhead has been a Non-executive Director of BHP since March 2010.
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BHPBill - operational review
BHPBill released an operational review for the quarter ended 30 September 2017.
- All production and unit cost guidance remains unchanged for the 2018 financial year.
- Good progress has been made on our latent capacity projects, with first production from the Los Colorados Extension project and the Olympic Dam Southern Mining Area achieved in the September 2017 quarter and the Caval Ridge Southern Circuit project progressing to plan.
- All major projects under development are tracking to plan.
- In Onshore US, our operated rig count increased from five to nine during the September 2017 quarter. Divestment of a small portion of the Hawkville acreage was completed during the quarter, with work underway to exit our remaining Onshore US assets for value.
- In Petroleum exploration, evaluation of the positive drilling results from Wildling-2 is continuing, with a sidetrack also encountering oil in multiple horizons which will assist with establishing the scale of the discovery.
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