Brazilian mining firm Samarco promised Monday to pay at least $260 million for environmental damage from the bursting of two dams it operated, which unleashed torrents of waste that flattened a village, prosecutors said.

The company, part-owned by Australia-based BHP Billiton (NYSE: BBL - news) , signed a "preliminary commitment" to "guarantee payment for preventive emergency mitigation, repair or compensation measures" after the deadly November 5 disaster, the state prosecution service said in a statement.