SAO PAULO (Reuters) – Brazilian mining firm Vale has reached an settlement with native authorities to pay as much as 11 billion reais ($1.78 billion) to renegotiate two railway concession contracts, the corporate mentioned on Monday in a file of titles.
The Brazilian authorities is looking for to take away reductions given to rail corporations by the earlier administration when a few of them have been granted early renewals of their contracts.
In its submitting, Vale indicated that it had reached an settlement on common situations with the federal government and land transport regulator ANTT for the renegotiation of the Carajas and Vitoria a Minas railway concessions, which in 2020 have been prolonged till 2057.
The corporate added that the deal continues to be awaiting extra approvals and can end in a 1.7 billion reais improve in its provisions associated to rail concessions.
($1 = 6.1778 reais)
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