Brazil, Vale strike deal on tax dispute

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale (VALE) reaches an agreement with the Brazilian government regarding some $14B in taxes the country's authorities claim the mining giant owes.

VALE will pay $9.7B over the next decade and a half and $2.56B this month, FT says.

Here's CEO Murilo Ferreira on the deal: "The proposed terms have allowed for a considerable reduction in the amounts in dispute, and the decision ... is consistent with our goal of eliminating uncertainties and directing managerial focus on Vale's businesses."