Three Brazilian law firms guided mining giant Vale to a $7 billion settlement with authorities in the Brazilian state of Minas Gerais, marking what appears to be the largest mediation agreement to date in Latin America.

Azevedo Sette Advogados, one of the firms that assisted Vale, said local authorities had originally sought more than $10 billion in reparations for environmental and other damages caused by a 2019 dam rupture at the Córrego do Feijão iron ore mine.