Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Vale SA    VALE5   BRVALEACNPA3

VALE SA (VALE5)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Brazil's CNI Set To File Court Action Against New State Mining Taxes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/19/2012 | 11:46pm CEST

RIO DE JANEIRO (Dow Jones) -- Brazil's National Industry Confederation CNI is likely to file high court action in coming days arguing that mineral "policing" charges planned by the Brazilian states of Minas Gerais, Para and Amapa run counter to the country's constitution, a CNI spokesman said Monday.

The CNI's tax and mining committees have recommended that the confederation file a complaint with Brazil's Supreme Federal Court, or STF, that the planned new taxes, due to come into force April 1, are unconstitutional, the CNI spokesman said.

"CNI's president is going to take a decision on whether to file the case," the spokesman said.

Cost pressures on mining companies are escalating as national and local governments worldwide attempt to reap benefits from high commodities prices. Legislative assemblies in Minas Gerais and Para, Brazil's two biggest mining states, together with Amapa, which is growing in importance as a gold and iron ore producer, recently passed laws allowing the states to charge up to up to 6.90 Brazilian reais ($3.83) in tax per metric ton on mineral products including bauxite and iron ore, to help allow "policing" or checking of how mineral resources are exploited in the state.

The planned state-level charges are unconstitutional as mineral resources in the Brazilian subsoil belong to the federal state, which already charges royalties on companies' ore sales, part of which are channeled back to the states for use in social improvements, according to mining companies linked to the CNI. Mining companies operate deposits via concessions granted by federal government.

"Production of lower value minerals, such as bauxite and industrial minerals for building, will become unviable with the new state-level charges," the CNI spokesman said. It is incorrect to base a "policing" or "control" tax on the market prices for minerals, as would apparently occur with the new state-level taxes, he said.

The planned new charges would hit major mining companies including Vale SA (VALE, VALE5.BR), Companhia Siderurgica Nacional SA (CSNA3.BR, SID), MMX Mineracao e Metalicos SA (MMXM3.BR), Votorantim Group, Anglo American PLC (AAUKY), Anglo Gold Ashanti, Alcoa (AA) and BHP Billiton PLC (BHP).

Minas Gerais state tax officials told Dow Jones Newswires in early March that Brazil's constitution gives the states the right to police, monitor and check mineral reserves and exploitation in their territories.

The new tax in Minas Gerais aims to cover the cost of environmental-recovery programs in mining areas and encourage local industrial development, as the tax will not be charged on minerals that are processed into other products within the state, the state's officials said.

-By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on VALE SA
09/21 VALE : 09/21/2017 Vale pays semi-annual remuneration on its Shareholders Debentu..
09/21 VALE : Employees transform Vale’s industrial area in Maranhão
09/14 VALE : Announces Early Tender Results and Early Settlement for Cash Tender Offer
09/07 VALE : Clarifies on the Election of Members to the Board of Directors
09/07 VALE : 09/06/2017 Vale clarifies on the election of members to the Board of Dire..
09/06 VALE : 09/05/2017 Vale announces payment of the fraction shares auctioned
08/29 VALE : Announces the Redemption of Its 5.625 Percent Guaranteed Notes Due 2019 a..
08/25 VALE : on the Approval of the Proposal for the Conversion of the Remaining Prefe..
08/25 VALE : Informs Decrease of Relevant Shareholding Ownership
08/25 VALE : informs on Extraordinary General Meeting
More news
News from SeekingAlpha
09/25 China steel production cuts set to take effect
09/25 Cobalt Miners News For The Month Of September 2017
09/22 Iron ore plunges as China's environmental curbs cause "serious impact"
09/20 RIO TINTO : This High-Dividend Stock Deserves A Spot In Your Portfolio
09/20 Iron ore prices slide amid Chinese demand doubts, peak steel warning
Financials ($)
Sales 2017 32 327 M
EBIT 2017 11 426 M
Net income 2017 5 982 M
Debt 2017 18 908 M
Yield 2017 5,81%
P/E ratio 2017 6,00
P/E ratio 2018 6,52
EV / Sales 2017 2,19x
EV / Sales 2018 2,14x
Capitalization 51 977 M
Chart VALE SA
Duration : Period :
Vale SA Technical Analysis Chart | VALE5 | BRVALEACNPA3 | 4-Traders
Technical analysis trends VALE SA
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 11,2 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
Fábio Schvartsman Chief Executive Officer
Gueitiro Matsuo Genso Chairman
Luciano Siani Pires Chief Financial Officer
Oscar Augusto de Camargo Filho Director
Eduardo de Salles Bartolomeo Director
Sector and Competitors
1st jan.Capitalization (M$)
VALE SA33.11%53 939
FORTESCUE METALS GROUP LIMITED-13.07%12 644
NMDC LIMITED-1.54%5 960
KUMBA IRON ORE LTD.33.11%5 237
FERREXPO PLC112.71%2 287
LABRADOR IRON ORE ROYALTY CORPORATION10.24%1 084