Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Samarco Mineração, the joint venture between Vale and BHP Brasil, filed a bankruptcy petition in Minas Gerais. The filing provides the company with protection from multiple legal actions filed by creditors in Brazil and the US. 


The company’s financial accounts were frozen due to legal actions, which in turn hampered the company’s ability to continue iron ore operations. The bankruptcy filing will facilitate the company’s debt restructuring of promissory notes worth $325mn along with $4.7bn in total financial debt while preserving its recent resumption of operations and compensation for its workforce. 


Samarco restarted operations in December 2020. It has a total capacity to produce 7-8mn mt of iron ore pellets from the operation of one of three iron ore beneficiation sites in the Germano Complex and one of four pellet plants in the Ubu Complex.  

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