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Brazil Vale 'Absolutely Confident' It Won't Need To Put Up Tax Guarantees

RIO DE JANEIRO -(Dow Jones)- Brazilian mining company Vale SA (VALE, VALE5.BR) is "absolutely confident" it won't be required by Brazilian judges to put up guarantees in a tax dispute with the country's federal tax office over payment of taxes on its foreign subsidiaries' profits, Vale's chief executive Murilo Ferreira said Friday. The judges who may be involved "understand the dimension of our operations," Ferreira told reporters in Rio de Janeiro. "However, if it's really necessary to put up guarantees we do have assets" (to allow us to do this), he said. Brazil's federal and state governments are claiming a total of around $20 billion from Vale in taxes in a series of disputes. Most of this is tax the federal tax office says is due on profits from overseas subsidiaries over a number of years. The constitutionality of Brazil's tax claims against Brazilian companies' overseas subsidiaries is being challenged in court action brought by Brazil's industries confederation CNI. -By Diana Kinch, Dow Jones Newswires, Tel: 55 21 7564 4495. diana.kinch@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
11/11/201416:28:17Brazil Stocks Sink as Citi Cuts Outlook on Vale
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
10/23/201408:50:04Vale Produces Record Amount of Iron Ore Despite Falling Prices
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out
09/10/201405:56:18Baron Oil Takes Control of Peruvian License; Shares +16%
09/10/201403:18:45Baron Oil Signs Pact for Peruvian License
09/05/201417:38:25Brazilian Stocks Snap Winning Streak Ahead of Opinion Poll on...
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...

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