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Court orders Samarco to set aside R$141mi for Aliança

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Vincent

The courts in Minas Gerais ordered Samarco to set aside R$141 million for Aliança Energia as a result of the damage caused at the Risoleta Neves hydroelectric power plant by the collapse of the Fundão dam in Mariana. The tragedy happened in 2015, leaving a trail of death and destruction on the River Doce due to the avalanche of mud and tailings.The hydroelectric plant is managed by the Candonga Consortium and is half-owned by Aliança Energia and Vale, but the mining company owns 55% of Aliança, while Cemig holds the remaining stake. In addition, Vale is also one of Samarco’s partners, together with BHP.At trial court, Aliança was seeking compensation from Samarco, Vale, BHP Billiton and Fundação Renova. In the course of the process, so that Aliança would not be left without payment for the damage, judge Cirlaine Maria Guimarães requested to reserve a credit in the judicial recovery of R$850 million.Aliança’s basis for calculating the R$850 million credit derives from Fundação Renova’s R$1.2 billion budget for the adoption of the measures necessary for the recovery of the Risoleta Neves hydroelectric plant and that such investments have already been and are being injected directly into the works. The defendants argued the reserve could not exceed the amount of R$50 million.The judge then determined that 35% of what is being demanded from Aliança by the Electric Energy Trading Chamber (CCEE) be put aside for the power received from the Energy Relocation Mechanism (MRE), a system of sharing the risks of rainfall shortages between hydroelectric plants, which guarantees that the plants receive for a percentage of the power generated.The decision can be appealed. Sheila Shimada, a lawyer specialized in corporate law with HSVL Advogados, explains that the fact that the partner Vale is one of the owners of the Candonga Consortium and also has a stake in...

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