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New Agreement and Definitive Solution

In November 2024, the Definitive and Final Comprehensive Reparation Agreement of Mariana was entered into by Samarco, Vale, and BHP Brasil, together with the Federal Government, the governments of Minas Gerais and Espírito Santo, and judicial institutions. The agreement ensures the definitive reparation and compensation for the damages caused by the rupture of Samarco’s Fundão tailings dam in 2015. The Definitive Agreement replaces previous agreements and establishes a robust framework to accelerate reparation, with a focus on affected people, environmental restoration, and the economic recovery of the impacted territories.

Vale follows the reparation process through Samarco’s Board of Directors, on which it holds three seats with respective alternates, and through the Reparation Committee, which provides advisory support to the Board.

The commitment provides for BRL 170 billion for definitive reparation, of which approximately BRL 38 billion had already been disbursed by September 2024 for actions carried out by the now-extinct Renova Foundation. The remaining BRL 132 billion will be allocated as follows:

  • BRL 100 billion in payment obligations, to be transferred over 20 years to the federal government, the states of Minas Gerais and Espírito Santo, and municipalities, with the aim of financing public policies.
     
  • BRL 32 billion allocated to obligations to perform*, under Samarco’s responsibility, including, among other matters, compensation, resettlements, and environmental restoration in Mariana (MG) and in the Rio Doce Basin.

The agreement provides for the direct benefit of 49 municipalities along the Rio Doce corridor, covering Minas Gerais and Espírito Santo, and includes structural actions in health, sanitation, infrastructure, environmental restoration, and the socioeconomic strengthening of the affected communities.

*The BRL 32 billion represents an estimated level of disbursements for the obligations to perform at the time the Agreement was signed.

Other compromisers

The Definitive Agreement was signed by the following Obligors:
  • Chief of Staff's Office of the Presidency of the Republic 
  • General Secretariat of the Presidency of the Republic 
  • Ministry of Environment and Climate Change (MMA) 
  • Ministry of Mines and Energy (MME) 
  • Ministry of Health (MS) 
  • Ministry of Agrarian Development and Family Farming (MDA) 
  • Ministry of Development and Social Assistance, Family, and Fight Against Hunger (MDS) 
  • Ministry of Fisheries and Aquaculture (MPA) 
  • Ministry of Indigenous Peoples (MPI) 
  • Ministry of Racial Equality (MIR) 
  • Ministry of Transportation (MT) 
  • Ministry of Cities (MCID) 
  • Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA) 
  • Chico Mendes Institute for Biodiversity Conservation (ICMBio) 
  • National Water and Basic Sanitation Agency (ANA) 
  • National Mining Agency (ANM) 
  • National Indigenous Peoples Foundation (FUNAI) 
  • National Social Security Institute (INSS)

All represented in this instrument by: 

  • Attorney General's Office (AGU)

State of Minas Gerais: 

  • State Forestry Institute (IEF) 
  • Minas Gerais Water Management Institute (IGAM) 
  • State Environment Foundation (FEAM) 

State of Espírito Santo: 

  • State Institute of Environment and Water Resources (IEMA) 
  • Institute of Agricultural and Forestry Defense of Espírito Santo (IDAF) 
  • State Water Resources Agency (AGERH) 

Federal Public Prosecutor's Office 

  • Public Prosecutor's Office of Minas Gerais 
  • Public Prosecutor's Office of Espírito Santo 
  • Federal Public Defender's Office 
  • Public Defender's Office of Minas Gerais 
  • Public Defender's Office of Espírito Santo 

Other signatories:

  • Samarco Mineração S.A. (Commitment Party)  

  • Vale S.A. and BHP Billiton Brasil Ltda. (Shareholders) 

  • Renova Foundation (Consenting Intervener)  

  • National Bank for Economic and Social Development - BNDES (Consenting Intervener in Section II, CHAPTER IV, of the GENERAL CLAUSES of this AGREEMENT) 

Governance Defined in the Agreement

Samarco assumed direct execution obligations, known as "obligations to do", which represent essential actions to guarantee full and definitive definitive reparation.

These obligations are concentrated in three pillars:

  • Resettlement, with the completion and delivery of the new districts of Bento Rodrigues and Paracatu.
  • Compensation, through the opening of new compensation systems and the continuity of financial aid.
  • Environmental Recovery, with forest restoration goals, springs recovery and water quality improvement in the Doce river basin.

These pillars reflect the company's commitment to concrete advances in the social, economic and environmental areas, under the supervision of justice institutions and with transparency for the affected communities.

Provided for in the Agreement: completion and definitive delivery of resettlements, including the new districts of Novo Bento Rodrigues and Paracatu, under the supervision of the Public Ministry and technical advisors.

Advances:  

  • 100% of the works started before the New Agreement were completed, with the delivery of 389 works (housing, businesses, public assets such as schools and health centers).  
  • R$ 108.9 million were transferred to Mariana municipality to guarantee the functioning of public assets for three years. 
  • Completion of 98.6% of collective resettlements.  
  • In the case of Gesteira, a collective agreement was approved with the transfer of R$ 126 million.

Provided for in the Agreement: Creation of new compensation systems, such as the Definitive Indemnity Program (PID) and the Agro and Fisheries System, in addition to the continuity of emergency aid. 

Advances: 

  • By September 2025, R$ 14 billion had been paid in compensation and financial aid, benefiting more than 288 thousand people.
  • In the PID alone, R$ 8.9 billion were paid to 242 thousand individuals and legal entities.
  • Indigenous peoples, quilombolas and traditional communities received R$ 943 million in specific aid. 

Provided for in the Agreement: Doce river basin recovery, with restoration of 50 thousand hectares, recovery of 5 thousand springs, sanitation and improvement of water quality. 

Advances:

  • 42,700 hectares and 3,900 springs have already been fenced and protected.  
  • The Environmental Recovery Plan (PRA) was delivered to the authorities, which will guide new actions after approval.  
  • A conceptual project was also developed to evaluate the additional removal of sediments at the Risoleta Neves HPP (Candonga). 

Vale reaffirms its commitment to support Samarco in reparationing the damage caused by the Fundäo dam collapse and with the obligation previously agreed upon by the shareholders to finance, each in proportion to their 50% shares, any amounts that Samarco may fail to finance as the principal debtor.

Vale's provision for these obligations is R$ 14.4 billion until December 31, 2025, and includes estimates of Samarco's contributions. The estimated cash disbursement schedule is presented below.

More information about each of them: 

Total 4Q24 2025 2026 2027 2028 2029 2030
Obligations to pay
100
5,0
6,0
7,0
5,0
5,0
5,1
5,5
Obligations to make
32
2,4
16,8
5,1
0,8
0,7
0,6
0,8
Disbursements made⁶
38
–
–
–
–
–
–
–
Total (R$ billion)
170
7,4
22,8
12,1
5,8
5,7
5,7
6,3

Cash outflow of Samarco commitments (included in the expanded net debt)¹²³

Already disbursed 2026 2027 2028 2029 2030 2031 Yearly average 2032–2043
Mariana reparation – 100%
73,1
12,4
6,2
5,8
9,0
9,4
6,8
5,2
Vale’s contribution (R$ billion)
 
6,2
3,1
2,1
3,5
3,2
–
–
Vale’s contribution (US$ billion)³
 
1,1
0,6
0,4
0,6
0,6
–
–
¹ Amounts expressed in real terms.
² BRL/USD exchange rate of 5.5024 as of December 31, 2025.
³ Includes a provision related to the action in the United Kingdom.

In addition to the resources already invested by Samarco on individual compensation, resettlement and environmental actions, the Renegotiation Agreement allocates R$100 billion to a wide range of strategic projects, coordinated by the public authorities and aimed at the socioeconomic and environmental recovery of the Doce river basin. Among the various projects, we can highlight: 

  • Income Transfer (PTR) provides R$ 3.75 billion for monthly assistance to affected fishermen and farmers, worth 1.5 minimum wages for up to four years. 

  • Economic Recovery – R$ 6.5 billion will be allocated to the Economic Recovery Programs (PRE), structured into three axes: 

    • Productive promotion, for businesses that generate employment and income (MDS); 

    • Rural Axis, aimed at revitalizing the sustainable productive activities of family farmers, quilombolas and traditional communities (MDA and MAPA); 

    • Education, science and innovation, to strengthen local capabilities 

  • Social Participation Fund with R$ 5 billion for projects defined by the affected communities themselves. 

  • Women and Traditional Peoples – R$ 8 billion is planned for a self-management model for indigenous peoples, traditional peoples and communities, ensuring reparatory rights and specific public policies. Another R$ 1 billion will be allocated to benefit women in the Doce river basin. 

  • Environment – ​​R$ 8.13 billion for Federal actions that promote socio-environmental benefits to the Doce river basin, as well as its terrestrial, marine and coastal ecosystems. R$ 6 billion for States actions aimed at environmental recovery and compensation. Additionally, R$ 16.03 billion will finance socio-environmental projects in the states of Minas Gerais and Espirito Santo. 

  • Fisheries – R$ 2.44 billion will be allocated to the Fisheries and Aquaculture Management Restructuring Plan (Propesca), aiming to promote the sustainable development of the fishing and aquaculture sector, ensure the preservation of natural resources and improve the quality of life of the communities involved. 

  • Health – The agreement destined R$ 12 billion for public health in the Doce river basin, with R$ 3.6 billion for infrastructure and equipment and R$ 8.4 billion for a perpetual fund that will guarantee additional funding for the Unified Health System (SUS). 

  • Sanitation and Floods – R$ 11 billion will be invested in the universalization of basic sanitation in the municipalities of the Basin, with reduced tariffs, and R$ 2 billion in actions aimed at responding to floods and other disasters resulting from rain and the environmental and productive recovery of the banks and Doce river mouth.  

  • Infrastructure, Municipalities and Inspection – R$ 4.3 billion are planned for duplication and improvements on the BR-262 and BR-356 highways, R$ 6.1 billion for direct transfers to the 49 municipalities along the Rio Doce channel and R$ 1 billion to strengthen the National Mining Agency (ANM) and expand dam inspection capacity. 

Before the renegotiation agreement signed in October 2024, the reparation actions were carried out by the Renova Foundation, which was created to implement the measures provided for in the Transaction and Conduct Adjustment Term (TTAC), signed in 2016.  

Over the course of eight years, Renova played an important role in the reparation, enabling important advances. Until September 2024, around R$ 38 billion had been allocatedI to actions conducted by the Foundation, including:  

  • R$ 18 billion in compensation and financial aid.  

  • Completion of 85% of resettlement.  

  • Environmental nental ini intiatives such as the restoration of 38 thousand hectares and recovery of 2,600 springs (September, 2025). 

The transition of shares from Renova Foundation to Samarco was conducted in a gradual and planned manner, ensuring continuity of reparation and legal security. 

More information

For more information about the Mariana Reparation, click here.