The Australian company has agreed to pay the plaintiffs US$50mn, with no admission of liability.
An updated resource estimate, new metallurgical testing and high-grade intercepts are among the highlights.
The industry is struggling as older mines deplete and the country fails to line up large-scale projects to offset lower output from small-scale miners as Peru cracks down on informal mining.
The scaled-down project will reduce costs, the company said, but capex remains US$2bn above the original estimate.
A senior official said the government is evaluating the development of batteries, with some provinces embarking on diverse strategies with battery manufacturers to see how far Argentina could go in the value-added chain.
The CEO of the Brazilian steelmaker wants to reduce the company's leveraging by approximately US$1.5bn by the end of the year, he told a conference call on Wednesday.
Signed June 25, the agreement also ends a US$5bn lawsuit filed by the federal government, Minas Gerais and Espírito Santo states and other governmental authorities after the fatal dam collapse.