Vale CEO: New Brazil Mining Bill To Be Sent To Congress In 60 Days

Date : 04/26/2012 @ 4:31PM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 8.58  0.16 (1.90%) @ 5:20PM

Vale CEO: New Brazil Mining Bill To Be Sent To Congress In 60 Days

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A bill proposing changes to Brazil's mining legislation and system of royalties is expected to be sent to the country's congress for consideration within 60 days, Murilo Ferreira, chief executive of mining company Vale SA (VALE, VALE5.BR), said Thursday.

However, "it's difficult to see that the process will be completed this year" he said on a conference call with analysts.

Brazil's municipal elections later this year may complicate the process, Ferreira said.

Mines and Energy Ministry representatives recently said congress might approve a proposal to double iron ore sales royalties to 4% from the current 2% as part of the new legislation.

Ferreira declined to comment Thursday on possible royalties increases in Brazil.

He said he was "confident" an agreement will shortly be reached with national mining department DNPM on back-royalties payments which are being claimed from Vale.

Vale and DNPM have been involved for years in a battle over calculation of the mining royalty levels.

-By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; diana.kinch@dowjones.com




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