Investors in a Brazilian iron-ore mine jointly owned by mining giant Vale SA and BHP Billiton have brought on new lawyers in anticipation of restarting talks with the company on restructuring billions of dollars in debt, WSJ Pro Bankruptcy reported. Funds invested in Samarco Mineração SA have recently switched law firms, replacing Dechert LLP with Davis Polk & Wardwell LLP in preparation for the talks with mining company and parent Vale. Operations at Samarco, one of the world’s largest iron-ore mining companies, have been idled since the Fundão dam holding mining waste burst in 2015, flooding a village with toxic liquid and causing 20 deaths. Anticipation of a restart of talks over the idled mine come as iron-ore prices have soared by 67 percent this year in a resurgence driven by falling supplies, which has led to challenging times once again for steel mills that use the material.
