Brazil's Vale seeks to draw line under rocky two years

A dam containing mining waste burst in January 2019 at a Vale facility in the town of Brumadinho in Brazil's Minas Gerais state, releasing a torrent of sludge that killed some 270 people.

In a statement on Wednesday, Minas Gerais officials, alongside state and federal prosecutors, said they had agreed on potential financial terms of a settlement regarding the disaster, which would be discussed in detail at a meeting with Vale representatives set for Thursday.

Vale, in a separate statement, said "a meeting was scheduled Thursday for final agreements and the possible signing of a reparations accord, with investments and actions in the affected regions and population."

Vale shares rose after authorities announced a deal was close, ending up more than 3%, compared with a rise of 1.3% in the Bovespa index.