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Vale denies reports suggesting talks with BHP for Samarco Mineração stake

Vale SA denied reports from Brazilian media that suggested the company was in talks with BHP Billiton Group or has reached an agreement to acquire the latter's stake in their Samarco Mineração SA joint venture in Brazil.

The joint venture operates the Samarco iron ore mine in Minas Gerais state, which has been suspended since November 2015 after a deadly tailings dam burst.

The company said May 22 that the partners are focused on supporting the resumption of Samarco's operations and remediation efforts for the affected communities.

In January, Reuters cited André Figueiredo, Vale's investor relations director, as saying that it was in discussions with BHP regarding options for the Samarco joint venture. Figueiredo added that it might be easier for Vale to resolve the joint venture's problems as sole owner.

Sources also told the newswire that one of the options under consideration was for Vale to buy out BHP's stake in the joint venture.

BHP was reportedly seeking about US$1 billion for its 50% interest.