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

By Diana Kinch Of DOW JONES NEWSWIRES RIO DE JANEIRO -(Dow Jones)- 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

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/15/201413:06:06Brazil's Vale Secures Loan Package From BNDES -- Update
04/15/201410:02:19Brazil's Vale Secures BRL6.2 Billion Loan Package From BNDES
04/11/201409:43:44Brazil's CVM Authorizes IADB to Issue Debt in Local Markets
04/09/201408:44:34BSG Resources, Vale Face Loss of Guinea Licenses -- Update
04/08/201413:20:03Veolia Seeks More Revenue from Mining Industry's Water, Waste...
04/02/201418:27:45Vale Suspends Transporting Coal From Mozambique Mines -- Update
04/02/201416:55:18ADR Shares End Higher; Noah Education Shares Active
04/02/201415:58:33Vale Suspends Coal Shipments From Mozambique Mines
03/19/201412:23:43Vale Says Stock Price Pressured by China Worries
03/11/201417:21:55ADR Shares End Lower; Vale, Barclays Shares Active
03/11/201413:41:59Brazil's Petrobras Reveals BRL8.77 Billion in Tax Disputes
03/04/201417:13:52Glencore Xstrata Posts Large Loss -- 2nd Update
02/27/201414:51:43Brazil's Vale Doesn't Foresee New Debt Issuance This Year
02/27/201413:04:26Brazil's Vale Develops Green Iron Ore To Reduce China Emissions
02/27/201412:33:45Brazil's Vale Sees Ebitda In Base-Metals Division Surging
02/27/201407:21:49Falling Iron-Ore Prices Pinch Producers -- Update
02/26/201421:58:20Vale Posts Smallest Annual Profit Since Privatization -- Update
02/26/201420:30:25Brazil's Vale Posts Its Biggest Loss
02/26/201419:46:50Brazil's Vale Sees Chinese Economic Growth Gradually Slowing...

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