(Adds quote from Samarco in paragraph 9)

May 31 (Reuters) – Brazilian miner Vale said late on Wednesday night it had entered into a binding deal on the parameters for a planned debt restructuring at Samarco , a joint venture it shares with miner BHP Group .

Vale said it had agreed on the deal with Samarco, BHP Billiton Brasil and certain creditors that hold more than 50% of Samarco's notes and unsecured bank debt.

The entire restructuring plan still needs approval from the bankruptcy court and the creditors.

In a securities filing, Vale said Samarco should emerge from the recovery process with a "lean capital structure" under the terms agreed and that payments to its creditors will be made over time, in line with Samarco's cash flow and ramp-up of operations.

"Samarco's contribution to fund the reparation will be capped from 2024 to 2030 at $1 billion," Vale said, adding that additional contributions from the joint venture would depend on "excess cash flow" it generates.

The remaining reparation balance should be equally shared between Vale and BHP, it said.

Separately, Samarco restructuring director Luiz Fabiano Saragiotto said all parties had made efforts to reach the current agreement, and that "with important concessions, this could allow for a balanced and lasting plan."

Samarco has for years struggled to reach an agreement with its creditors, who rejected Samarco's initial recovery plan in April last year.

Samarco's debt problems stem from the collapse of an iron ore tailing dam in the southeastern city of Mariana, which killed 19 people and severely polluted the Doce River with mining waste. (Reporting by Roberto Samora and Peter Frontini; Writing by Carolina Pulice; Editing by Sarah Morland and Tom Hogue)