Samarco is the mining company that built and operated the mine. It is a joint venture, owned by BHP Billiton, and the Brazilian iron ore giant Vale SA.
When the dam burst , it almost wiped out the town of Bento Rodrigues.
So far nine people have died and 19 are still missing.
Brazil’s #environmental regulator fined Samrco almost $100 million. It is not nothing, but it is a fraction of the damage this disaster has caused.
The full cost may not be apparent for years but estimates of a billion dollars do not seem exaggerated.
And that multi-million dollar fine will not be the end of the matter.