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BHP Brasil said It will assess the implications and next steps once it has been served with the decision. Credit: JHVEPhoto / Shutterstock

A federal court in Brazil has exonerated mining giants Vale, BHP Group and their joint venture Samarco from criminal liability in the 2015 Fundao tailings dam collapse incident, Reuters has reported, citing a statement from the court.

The collapse, which occurred at an iron-ore mine near Mariana in south-eastern Brazil, claimed 19 lives, left hundreds homeless, devastated surrounding forests and severely polluted the Doce River.

Judge Patricia de Carvalho of the federal court ruled that there was insufficient evidence to establish direct criminal responsibility for the disaster on the part of the three companies or the 21 individuals, including former executives, who were also cleared of charges.

The Federal Prosecutors Office of Brazil, which had brought forward the criminal charges, expressed its intent to challenge the court's decision.

This latest legal development is distinct from the civil proceedings, where a $31.7bn (170bn reais) settlement agreement was reached between the mining companies BHP Brasil, Vale and Samarco, and the Brazilian authorities in October. That agreement was ratified by the Federal Supreme Court on 6 November.

South Africa’s Harmony Gold Mining has announced the appointment of Beyers Nel as its new group CEO and executive director, effective from 1 January 2025.

Nel, who has been with the company since 2003 and most recently served as group chief operating officer, will succeed Peter Steenkamp upon his retirement at the end of December 2024. With a 24-year tenure in the gold mining industry, Nel brings a wealth of experience to his new role, having managed operations on both open-cast and ultra-deep level mines.

His leadership has been recognised in the past with his presidency of the Association of Mine Managers of South Africa and his current role as chairman of the Mines Rescue Services board.

In a strategic move to strengthen its executive leadership, Harmony has also appointed Floyd Masemula as deputy group CEO, a position that will take effect concurrently with Nel’s appointment.

In September, Harmony Gold unveiled its intent to start copper production at its mine in Queensland, Australia, by 2028.

The UK Government has announced plans to introduce legislation as soon as possible to halt the issuance of new coal mining licences as part of its clean energy transition efforts. 

Coal power, the leading contributor to energy-related CO₂ emissions globally, is being phased out to limit global temperature rises to 1.5°C and improve air quality.

Britain’s last coal-fired power station, at Ratcliffe on Soar, closed in October, marking the end of coal’s contribution to the UK’s electricity supply.

At the COP29 Summit in Baku, Azerbaijan, UK Prime Minister Keir Starmer said that the country aims to cut greenhouse gas emissions by 81% from 1990 levels by 2035, as part of government plans to achieve net zero by 2050.

UK Energy Minister Michael Shanks said: “Coal mining powered this country for over 140 years […]

Now the UK is in prime position to lead the way in phasing out coal power around the world, which remains the single largest contributor to global emissions.”

Rio Tinto has signed definitive agreements with GravitHy to accelerate the decarbonisation of steelmaking in Europe. Under the agreements, Rio Tinto has agreed to supply high-grade direct reduction iron ore pellets from its Iron Ore Company of Canada operations to support GravitHy’s steel decarbonisation project in France.

GravitHy’s proposed facility at Fos-sur-Mer, France, is expected to produce two million tonnes per year of iron starting in 2028. Located adjacent to a deep seaport, the plant will utilise ultra-low carbon hydrogen production infrastructure, powered by nuclear energy, to convert direct reduction pellets into hot briquetted iron.

The initiative is a critical step towards achieving a net-zero energy transition, as the iron and steel sector is responsible for approximately 8% of global carbon emissions.

Rio Tinto Steel Decarbonisation head Simon Farry said the deal will allow the company to “both reduce our scope 3 emissions and create valuable decarbonised pathways for our high-grade iron ore.”

Cravath Swaine & Moore and Fasken Martineau DuMoulin have topped the mergers and acquisitions legal advisers rankings in the metals and mining sector for the first three quarters of 2024, according to the latest financial advisers league table by GlobalData.

According to GlobalData’s league tables, Cravath Swaine & Moore led by deal value, while Fasken Martineau DuMoulin topped by deal volume.

Aurojyoti Bose, lead analyst at GlobalData, commented: “Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top advisers by value and volume during Q1–Q3 2023 and managed to retain their respective top positions during Q1–Q3 2024 as well.

“Despite both the firms registering decline in total value and volume, respectively, during Q1–Q3 2024 compared with Q1-Q3 2023, they managed to maintain their top ranking.”

Cravath Swaine & Moore advised on transactions worth $9bn while Fasken Martineau DuMoulin advised on 19 deals.