SAO PAULO (Reuters) -Brazilian miner Vale has reached an settlement with native authorities to pay as much as some 11 billion reais ($1.78 billion) to renegotiate two railway concession contracts, the agency introduced in a securities submitting on Monday.
Brazil’s authorities has been aiming to take away reductions given to rail corporations by the earlier administration when some obtained early contract renewals.
In its submitting, Vale famous that it has reached settlement on basic phrases with the federal government and land transport regulator ANTT for the renegotiation of the Carajas and Vitoria a Minas railways concessions, which in 2020 have been prolonged via 2057.
The corporate added that the settlement nonetheless awaits extra approvals, and can result in a rise of 1.7 billion reais in its provisions associated to railways concessions.
($1 = 6.1778 reais)
