The BHP Group Ltd (ASX: BHP) share price is in the green today.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant closed yesterday trading for $40.01. In morning trade on Friday, shares are changing hands for $40.11 apiece, up 0.25%.
For some context the ASX 200 is up 0.33% at this same time.
The BHP share price is in the green despite the iron ore price sliding 2.1% overnight to trade for US$98.45 per tonne.
The boost comes after BHP updated the market on media speculations regarding its acquittal of criminal charges in Brazil over the failure of Samarco's Fundao tailings dam.
Here's what's happening.
Image source: Getty Images
What happened with the Samarco tailings dam?
As a quick recap, the Fundao Dam was owned and operated by Samarco, a non-operated 50/50 joint venture between BHP Brasil and Vale.
The tailings dam collapsed in November 2015, killing 19 people and causing massive environmental damage.
As you'd expect, this also put significant pressure on the BHP share price at the time.
BHP and Vale have since been working to compensate for the disaster via the Fundacao Renova.
"BHP Brasil is fully committed to supporting the extensive ongoing remediation and compensation efforts in Brazil through the Fundacao Renova," BHP said last year.
And on 21 October this year, the Motley Fool reported:
BHP reports it is negotiating a settlement proposal of approximately 170 billion Brazilian real (AU$44.2 billion). That proposed settlement would go to the people, communities and environment impacted by the 2015 Samarco Fundao iron ore tailings dam collapse in Brazil.
BHP share price lifts as Brazilian criminal case moves towards closure
Today, the BHP share price is lifting following the miner's response to media reports that a lower Federal Court in Brazil ruled that, along with Vale and other entities, BHP Brasil was not liable for criminal offences relating to the failure of the tailings dam.
BHP said it would consider the Federal Court's decision once it has been served to assess the implications and any next steps it may take.
The ASX 200 miner noted:
The media commentary reports that the Federal Court concluded that the evidence did not support any causal link between the Companies and the failure of the Fundão dam and also found that the Individuals affiliated with Samarco, Vale and VogBr are not liable for criminal offences relating to the dam failure.
Management reiterated that BHP and Vale "have always been fully committed to supporting the extensive ongoing remediation and compensation efforts in Brazil".
While this will come as good news to shareholders, BHP is still facing legal actions taking place in other jurisdictions.
A major class action trial in the United Kingdom relating to the dam failure commenced last month. BHP maintains this duplicates the case in Brazil and has said it will continue to defend itself.
Pressured by slumping commodity prices, the BHP share price is down 15% in 12 months.
