The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Official version of the news @pgal posted last week:
"Approved the agreement that provides for payment of R $ 47 million for environmental damage to the municipalities of Santana, Pedra Branca do Amapari and Serra do Navio" (27 February 2020)
http://mpap.mp.br/noticias/gerais/homologado-o-acordo-que-preve-pagamento-de-r-47-milhoes-por-danos-ambientais-aos-municipios-de-santana-pedra-branca-do-amapari-e-serra-do-navio
===[
Federal judge Hilton Pires, holder of the 6th Federal Court, ratified, on February 19, the “Damage Composition Agreement” with the mining company Anglo Ferrous Brazil to repair environmental and social damage caused by the collapse of the company's port terminal , located in the municipality of Santana. The approval provides that the company will pay R $ 47 million to the municipalities of Santana, Pedra Branca do Amapari and Serra do Navio, affected by the accident.
]===
Until today I was beginning to question whether it was fake news. Clearly not! One step closer... :-)
There have been many many claims ...now thrown out or dealt with ...then along came Zamin and Anglo again .....nearly there though....:)
Hello Ban, yes looks like they may well have to pay an extra 10% for delaying the ruling too as we read it. Amazing really, money no object. I guess we will get there in the end. Good to see you casting your beady eyes over us.
Firstly Frankie I wouldn't worry too much about anything M38 posts he is I think the epitome of his name..... I'm sure OBS will return with his calculator of many numbers as soon as he's documented all his wild imaginative dreams & finished adding the additional characters to the numeric field length of his calculator :-))
Secondly I don't think this particular announcement found by pgal has anything to do with us directly but it may indirectly.... to me I've read this as a ruling in respect to the actions taken against Anglo & what they must now pay in fines/recompense with direction where & what it will be used for..... I say indirectly because with this historic element settled it may now pave the way for the settlement of the cases lodged & finalisation of discussions in respect to the recovery planned .... of course it's possible the two have no link at all & I'm wide of the mark in my assessment but that's how I've read it & I'm just thinking aloud here.... & I need to be careful ..... not sure it's time to come out of hibernation yet....
Yay!
Judge Hilton Sávio Gonçalo Pires, of the 6th Federal District Court of Amapá, ratified an extrajudicial damage composition agreement between Anglo American Investimentos - Minério de Ferro Ltda., And Anglo Ferrous Brazil Participações SA with the State and Federal Public Ministries, and the municipalities of Santana, Serra do Navio and Pedra Branca do Amapari.
Under the ratified agreement, the mining companies will pay R $ 47 million, resources that will be destined to the municipalities of Santana, Serra do Navio and Pedra Branca do Amapari, for use in social projects and public policy actions in the areas of education, health and infrastructure.
The agreement is the result of a public civil action, with a request for emergency relief, proposed against the mining companies to comply with the obligation to do consistent in promoting the recovery of environmental damage, payment of damages for property damage (subsidiary request) and pecuniary compensation for damages. moral.
At a conciliation hearing held on December 10, 2019, the parties clarified the damage composition agreement.
Compensatory measures were established “to the alleged and possible environmental and social damages caused by the collapse of the port terminal located in the municipality of Santana”, covering an amount of R $ 47 million.
The agreement involves directing resources to the municipalities of Santana, Serra do Navio and Pedra Branca do Amapari, with application to social projects and public policy actions in the areas of education, health and infrastructure.
Inspection will be incumbent on the Federal Public Ministry, the State Public Ministry, together with the representatives of the community, and the legal entities required, through an audit company contracted at their expense, thus providing transparency to the performance of the agents involved. It also establishes penalties in case of non-compliance, without prejudice to the applicable civil, administrative and criminal measures.
In an excerpt from the sentence, Judge Hilton Pires wrote: “I note that the agreement preserves the interests to which it refers, with no doubt about the freedom of consent of any interested party who freely adhered to its terms. I still don't see a legal obstacle to the clauses that govern the agreement
Just the Banks to sort now.
http://santanadoamapa.blogspot.com/2020/02/juiz-federal-homologa-acordo-para-que.html