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The Wall Street Journal: BHP Billiton takes $1 billion hit over Brazil dam disaster

SYDNEY — BHP Billiton Ltd. said its annual net profit will be crimped by charges of more than $1 billion relating to last year’s deadly dam failure at Brazilian iron-ore mining operations it jointly owns with Vale SA.

BHP BHP, +0.55% , the world’s largest mining company by market value, said it would record a provision of between $1.1 billion and $1.3 billion, roughly half the estimated funding needed by the Samarco Mineração S.A. joint venture under an agreement signed with Brazilian authorities in March. In a separate statement, Vale VALE, +1.76% said it booked a 3.7 billion-real ($1.2 billion) provision.

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