VALE

Court Approval of Settlement: The Federal Court of Australia has approved BHP Group's A$110 million settlement of a shareholder class action related to the Samarco dam collapse in Brazil, which affected shareholders from 2012 to 2015.

Details of the Class Action: The class action was filed in 2018 and involves shareholders who purchased BHP shares before the Fundão Dam failure, which was operated by Samarco, a joint venture between BHP and Vale S.A.

Financial Implications: The settlement includes interest and costs, with BHP not admitting liability, and the company anticipates recovering most of the amount from insurers.

Market Performance: Following the news, BHP shares saw a slight increase in both London and Australian markets, reflecting positive investor sentiment.

Joint Development Proposal: Vale and Glencore are considering a joint venture to develop a $1.6 billion-$2 billion copper project in Canada's Sudbury Basin, potentially one of the region's most significant copper developments in decades.

Mining Strategy: The companies plan to explore the possibility of jointly mining their underground copper deposits using existing infrastructure from Glencore's idled Nickel Rim South mine.

Production Goals: The proposed 50-50 joint venture aims to produce 880,000 metric tons of copper over 21 years, along with other valuable metals such as nickel, cobalt, gold, and platinum group metals.

Long-Term Partnership: This potential partnership has been under consideration for 20 years and comes at a time of record copper prices, highlighting the strategic importance of the collaboration for both companies.