November 23, 2017 / 3:12 PM / a year ago

Vale says Brazil iron royalty hike could make high-cost mines infeasible

RIO DE JANEIRO, Nov 23 (Reuters) - Brazil's Vale SA, the world's largest producer of iron ore, said on Thursday that a hike in royalty rates for iron ore could compromise its ability to maintain high-cost mines and would hurt its ability to compete.

Congress passed the higher royalties in votes on Wednesday with the bill now moving to President Michel Temer for signature. Vale said in a statement that it hoped Temer would veto some of the changes to the proposal made by Congress. (Reporting by Marta Nogueira Writing by Jake Spring)

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