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Vale SA (NYSE:VALE) And BHP Billiton Ltd (NYSE:BHP) Get Extension To Close Samarco Claim

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Vale SA (NYSE:VALE) And BHP Billiton Ltd (NYSE:BHP) have obtained a 150-day extended period from a Brazilian court to discuss a claim settlement of $48 billion from the Samarco mine tragedy in 2015. The settlement date has been extended from November 16, 2017 to April 20, 2018.

The details

In Samarco mine tragedy, 19 people died and neighboring towns were flooded after a dam intended to hold back mine waste broke on November 5, 2015, causing worst ever environmental disaster of Brazil. Vale and BHP also finalized an amendment deal that brings the prosecutors in Brazil into the preliminary deal pertaining the settlement of the claims. The amendment deal is subject to permission by the Brazilian court.

In unrelated news, Vale reported that it will defer the stake sale in its New Caledonia nickel mine following the preliminary bids for the asset were at the lower side of expectations. The sale may be postponed for up to a year, as the firm expects a rebound in nickel prices. One source reported that Vale was looking for an investment in New Caledonia, which has witnessed technical setbacks, violent protests and a chemical spill.

Vale’s stock has been in focus after getting upgrades from as many as three analysts in last month. In the last week of November, Morgan Stanley upgraded the stock to “overweight” from “equal-weight”. As per MS experts, Vale’s cash flows are approaching closer to that of Rio.

They expect company to record free cash flow of $31 billion, exhibiting a yield of 58% in 2018–2022 as compared to Rio’s $26 billion, showing a yield of 31%. Macquarie upgraded Vale stock to “outperform” from “neutral” with a target price of $11.6 per share. RBC Capital Markets upgraded stock to “outperform” from “sector-perform” with a target price of $14.5. Overall, the firm’s stock has recorded seven upgrades in this year so far.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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