By SAO PAULO (Reuters) – Brazilian miner Vale said on Monday it reached an agreement with local authorities under which it would pay up to 11 billion reais ($1.78 billion) to renegotiate the contracts of two railway concessions, the firm said in a securities filing.
The Brazilian government has been aiming to remove discounts given to rail companies by the previous administration when they received an early renewal of their contracts.
($1 = 6.1778 reais)
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