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Vale Royalty Dispute With Brazil Close to End, Minister Says

Vale SA and the Brazilian government are close to an agreement on a dispute over unpaid royalty payments that may reach 7 billion reais ($4.09 billion), Mines and Energy Minister Edison Lobao said.

The Brazilian government is analyzing documentation provided by Vale, the world’s largest iron-ore exporter, and expects to reach a conclusion on the amount of overdue payments, Lobao told reporters in Brasilia today. The amount owed, which was 4 billion reais in 2008, may reach 7 billion reais including penalties and interest, he said.