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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
07/21/201609:02:42Report of Foreign Issuer (6-k)
07/21/201608:23:00Brazil's Vale Iron Ore Output Falls in Second Quarter
07/19/201623:20:00BHP Billiton's Iron Ore Production Shows No Signs of Slowing
07/15/201606:03:08Report of Foreign Issuer (6-k)
07/12/201606:03:35Report of Foreign Issuer (6-k)
07/08/201616:41:30Report of Foreign Issuer (6-k)
07/05/201611:23:38Report of Foreign Issuer (6-k)
07/05/201611:22:40Report of Foreign Issuer (6-k)
07/01/201613:44:47Report of Foreign Issuer (6-k)
07/01/201613:43:54Report of Foreign Issuer (6-k)
06/22/201620:12:00Australia's Fortescue Deepens Debt Repayments -- Update
06/20/201609:46:20Report of Foreign Issuer (6-k)
06/16/201610:04:16Report of Foreign Issuer (6-k)
06/14/201606:02:52Report of Foreign Issuer (6-k)
06/10/201613:00:24Securities Registration (section 12(b)) (8-a12b)
06/10/201612:53:15Report of Foreign Issuer (6-k)
06/10/201603:04:00Brazil Faults BHP, Vale Venture for Dam Break -- WSJ
06/10/201600:56:00Brazil Police Say BHP, Vale Venture at Fault for Dam Disaster...
06/09/201620:26:00Brazil Police Say BHP, Vale At Fault for Dam Disaster -- 2nd...
06/09/201620:01:00Brazil Police Say BHP, Vale At Fault for Dam Disaster -- Update

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