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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
08/06/201404:14:07Zambia Copper Output Rise 16% in First Half
08/01/201417:41:36Brazilian Shares Close Little Changed, JBS Rises; Real Stronger...
07/31/201415:49:46Brazil's Vale: Iron-Ore Price Floor Still $110/Ton Long-Term
07/29/201417:41:02Brazil Stocks Close Lower; Real Weakens Against Dollar
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update

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