© Reuters. Marcio da Rocha Cavalcante is pictured in an house with cracks linked to rock salt mining by the petrochemical firm Braskem in Maceio
BRASILIA (Reuters) – Brazilian petrochemical firm Braskem SA (NYSE:) stated on Wednesday it reached a 9.1 billion reais ($1.75 billion) deal to settle lawsuits over cracks and sinking floor close to its salt mines within the metropolis of Maceio that requires 1000’s to be relocated.
The settlement provides 1.2 billion reais onto the corporate’s preliminary provisions of seven.9 billion reais established within the third quarter of 2020 associated to the lawsuits, based on a Braskem securities submitting on Wednesday.
A federal research discovered that Braskem’s salt mines had been the reason for cracks that destabilized properties, though Braskem had beforehand stated that the research is flawed. The damages have affected greater than 9,000 properties and a few 17,000 residents have to be relocated.
In March, Reuters reported that seven state and federal prosecutors stated Braskem’s early estimates of the prices for compensating and relocating residents was too low.
Braskem has stopped operations of its salt mines in Maceio, within the northeastern coastal state of Alagoas. In November, the corporate estimated that it might price an additional 3 billion reais to shut the mines as a consequence of regulatory necessities.
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