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Vale reaches $1.8 billion agreement with Brazil authorities over railway concessions

12/30/2024

Less than a minute

2024.12.30 16:51

SAO PAULO (Reuters) – Brazilian miner Vale said on Monday it reached an agreement with local authorities under which it would pay up to 11 billion reais ($1.78 billion) to renegotiate the contracts of two railway concessions, the firm said in a securities filing.

© Reuters. FILE PHOTO: The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Picture taken August 7, 2017. REUTERS/Ricardo Moraes/File Photo

The Brazilian government has been aiming to remove discounts given to rail companies by the previous administration when they received an early renewal of their contracts.

($1 = 6.1778 reais)

12/30/2024

Less than a minute

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