01:40 GMT +322 October 2019
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    The aftermath of a dam collapse at an iron ore mine owned by Vale SA in Brazil.

    Brazilian Court Freezes $1.3Bln in Accounts of Vale Company Owning Collapsed Dam

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    MOSCOW (Sputnik) - A court in the southeastern Brazilian state of Minas Gerais froze 5 billion reals ($1.3 billion) in the accounts of Brazilian mining corporation Vale, which is the owner of the recently collapsed tailing dam, local media reported on Sunday.

    The money will be poured into compensation for damage caused by the dam collapse, Veja magazine specified.

    The freezing of the money was initiated by the Minas Gerais Prosecutor's Office.

    In addition to this, Brazilian Institute of the Environment and Renewable Natural Resources has punished Vale with a fine of $66 million.

    READ MORE: Confirmed Death Toll From Dam Collapse in Brazil Rises to 34 — Reports

    On Friday morning, the dam collapsed in Minas Gerais's Brumadinho municipality, triggering heavy mud floods that caused multiple fatalities and injuries. Over 200 people have gone missing due to the incident.

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