Brazil-based Samarco's mining license suspended following dam bursts

Brazil-based Samarco’s mining license has been suspended after two dams carrying the company’s waste water from iron ore collapsed, reports BBC News.

The incident has led to three deaths and 24 missing persons, who are also presumed to be dead, at the south-eastern village of Bento Rodrigues.

Prosecutors also ordered Samarco to pay temporary compensation to the families of the victims.

The mine is owned by Vale and BHP Billiton and is operated by Samarco.

Authorities will permit operations again when the company meets safety standards.

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