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Recent dam burst in Brazil to prompt stricter insurance standards


A recent dam burst in Brazil has prompted amendments to legislation in the country’s congress that would impose stricter insurance standards on the mining sector, reported Bloomberg.

The total cost to communities and the environment from the dam failure at the mine owned by BHP Billiton Ltd. and Vale S.A. is likely to total 30 billion Brazilian reals ($8 billion), said Leonardo Quintao, a congressman. Mr. Quintao, who presented the original bill in 2013, said the disaster would be used as an example to set future insurance requirements for miners.

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