Brazil Samarco will be fined $66 million for the breakthrough of the dam at an iron ore mine

Moscow. November 13. Brazil’s Samarco Mineracao will be fined 250 million reais ($66,2 million) for the breakthrough of the dam at an iron ore mine in Minas Gerais, writes The Guardian. Brazilian President Dilma Rousseff during his visit to the affected area promised to prosecute everyone who is guilty in accident.

Previously, Vale SA and BHP Billiton, are on equal footing owned Samarco, announced the creation of a Fund to help victims and to restore mine. The initial investment will exceed $100 million, in the future this amount can be increased.

Last Thursday near the mine has broken two tailings dams, seven people were killed, and about twenty missing. Over 630 local residents were evacuated because of the threat of breakthrough of the third dam.

In addition, there is a growing fear that landslides and mudslides can degrade the quality of drinking water and jeopardize the water supply of Minas Gerais and neighboring Espirito Santo.

Choose BHP and Vale do not give estimates losses from catastrophes, according to analysts, is the amount in excess of $1 billion.

Shares of BHP at auction in Sydney on Friday fell more than 3% to the lowest level since 2005.