Key Developments: Vale SA (VALE.N)

VALE.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Vale SA concludes sale of 26.5 pct stake in VLI SA
7:59am EDT 

Vale SA:Concludes sale of 26.5 pct of Vale’s stake in VLI SA to Brookfield Asset Management investment fund for 2 billion Brazilian reais.  Full Article

Vale SA sells entire stake in Vale Florestar Fundo de Investimento em Participacoes
Wednesday, 4 Jun 2014 08:05am EDT 

Vale SA:Says it has signed contract with subsidiary of Suzano Papel e Celulose (Suzano) for sale of total stake held in Vale Florestar Fundo de Investimento em Participacoes (FIP Vale Florestar) for 205 million Brazilian reais.Other shareholders of FIP Vale Florestar also sold their stakes to Suzano, so that Suzano became sole shareholder of FIP Vale Florestar.  Full Article

Iluka Resources Ltd announces agreement with Vale SA for evaluation and development of major titanium deposit, Brazil
Tuesday, 3 Jun 2014 07:27pm EDT 

Iluka Resources Ltd:Signs joint development agreement (JDA) and intellectual property agreement (IPA) with Vale S.A. for staged evaluation and potential development of major titanium mineral bearing deposit located at Tapira in Minas Gerais State, Brazil.JDA and IPA agreements will provide Iluka with opportunity to undertake geological and metallurgical research programmes with a view to the development of a long life, large scale titanium feedstock operation.  Full Article

Brazil court rules in favor of Vale SA-DJ
Friday, 25 Apr 2014 08:10am EDT 

Vale SA:Brazil's Superior Court ruled Vale units in Denmark, Belgium, and Luxembourg must pay taxes in those countries but not also in Brazil because those countries have agreements with the Brazilian government that bar double taxation-DJ.Vale and other Brazilian companies have been forced to pay taxes in other countries in which they operate and in Brazil.Brazil's federal government said it would appeal the decision to Supreme Court.Superior Court ruled Vale must pay taxes in Brazil over its activity in Bermuda because Brazil has no agreement on double taxation with the government there.  Full Article

Vale SA on financing contract of 6.2 bln Brazilian Real
Tuesday, 15 Apr 2014 06:15pm EDT 

Vale SA:Says Banco Nacional do Desenvolvimento Econômico e Social (BNDES) approved a financing contract of 6.2 bln Brazilian Reias to implement the Carajás Serra Sul S11D and CLN S11D projects.The financing term is ten years and the funds will be disbursed within three years according to the projects’ plans.  Full Article

Vale SA concludes sale of stakes in VLI to Mitsui and FI-FGTS
Tuesday, 15 Apr 2014 09:06am EDT 

Vale SA:Says it has concluded transfer of 20 pct of total capital of VLI SA (VLI) to Mitsui & Co Ltd (Mitsui) for 1.5 billion Brazilian reias and 15.9 pct to Investment Fund of Fundo de Garantia do Tempo de Servico - FGTS (FI-FGTS) for 1.2 billion Brazilian reias.Cash proceeds from sale to FI-FGTS and 800 million Brazilian reias of proceeds from sale to Mitsui will consist of cash contribution to VLI in consideration of issue of new shares to Mitsui and FI-FGTS.Remaining 709 million Brazilian reias was paid directly to Vale from Mitsui.Vale has also entered into agreement with investment fund managed by Brookfield Asset Management (Brookfield) for the sale of 26.5 pct of its stake in VLI for 2 billion Brazilian reias to be paid directly to Vale.Upon completion of this transaction, Vale will hold 37.6 pct of VLI's total share capital.  Full Article

Vale announces financing contract
Tuesday, 15 Apr 2014 09:01am EDT 

Vale SA:Says Banco Nacional do Desenvolvimento Economico e Social (BNDES) approved financing contract of 6.2 billion Brazilian reias to implement Carajas Serra Sul S11D and CLN S11D projects.Financing term is ten years and funds will be disbursed within three years according to the projects' plans.  Full Article

Aquila Resources Ltd and Vale SA resolve their differences and align to complete construction of Eagle Downs
Sunday, 13 Apr 2014 07:30pm EDT 

Aquila Resources Ltd:Refers to previous announcements regarding legal proceedings relating to Bowen Central Coal Joint Venture (BCC JV), which is 50 pct. owned by the company's wholly owned subsidiary, Aquila Coal Pty Ltd in a joint venture with Vale SA's wholly owned subsidiary, Bowen Central Coal Pty Ltd.Says that Aquila has reached agreement with Vale for settlement and release of each party from all legal proceedings and claims made between them relating to BCC JV.Each party will bear its own legal costs in proceedings and settlement is unconditional and immediately effective.Settlement of legal proceedings will allow the BCC JV to focus its efforts on developing Eagle Downs hard coking coal project unimpeded by litigation.  Full Article

Eramet and Vale Canada sign JV agreement on Prony and Pernod nickel deposits
Monday, 7 Apr 2014 02:02am EDT 

Eramet SA:Framework agreement with Vale SA's Vale Canada and New Caledonia's South Province signed on April 5, providing for exploration, study and beneficiation of nickel deposits at Prony and Pernod in south of New Caledonia.Agreement provides for creation of joint venture for project, owned 34 pct by South Province, and 33 pct each by Eramet and Vale Canada.Joint venture to first undertake geological exploration works and technical studies required for improving knowledge on deposits and operation of mine.In case of satisfactory results, one or more industrial processing to be submitted to Province, giving priority to creating synergies with Vale's and Eramet'a affiliates in region (Vale Nouvelle-Caledonie and SLN, respectively) and their existing industrial plants.Hydro-metallurgy project to be developed by both companies under terms of deal, optimizing beneficiation of Prony and Pernod nickel deposits and maximizing economic, social and environmental synergies generated by deposits.  Full Article

Vale SA concludes 1 bln Brazilian reias offer of local infrastructure debentures
Wednesday, 19 Feb 2014 07:53am EST 

Vale SA:Says the conclusion of the issuance of local infrastructure debentures.Initially, Vale expected to raise 750 mln Brazilian reias, but decided to increase the issuance to 1 bln Brazilian reias given the demand it had for the instrument.The debentures will be nominally updated based on inflation and will bear annual interests, priced at IPCA + 6.46 pct. p.a., IPCA + 6.57 pct. p.a., IPCA + 6.71 pct. p.a. and IPCA + 6.78 pct. p.a., and maturities in 2021, 2024, 2026 and 2029, respectively.Says the debentures were rated as brAAA by Standard & Poor's Rating Services, by Moody's Investor Services, and AAA(bra) by Fitch Ratings.Says the net proceeds of the offer will be used to invest in its infrastructure projects, according to the second article of the law 12,431, of June 24, 2011, as amended.  Full Article

UPDATE 1-Brazil's Vale plans to double iron ore exports to China in 5 years

RIO DE JANEIRO, Aug 7 - Brazilian mining company Vale SA plans to double its iron ore exports to China within five years, Jose Carlos Martins, the company's head of ferrous metals, told reporters on Thursday.

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