Brazilian petrochemical giant reaches $356M settlement with city where mining destroyed neighborhoods
Fox News
Brazilian petrochemical titan Braskem has reached a $356 million settlement with the city of Maceio, which was devastated by the company's rock salt mining operations.
The settlement — about 1.7 billion Brazilian reais — between Braskem and Maceio will be used for structural works in the city and for a residents’ support fund, the municipality said in a statement. The agreement does not invalidate negotiations between Braskem and the residents of the affected areas, it added.
The company has so far paid over 3.7 billion reais ($775 million) in various compensations, including financial aid, Braskem said earlier this month. It said that Friday's settlement "represents yet another important advance" in the issue of Alagoas.
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