Brazilian miner Vale has announced that its fourth quarter results will be impacted by the tax settlement between the company and the Swiss authorities.
According to the settlement of a tax dispute dating back to 2006 when Vale decided to set up a local subsidiary in the canton of Vaud in Switzerland, Vale will pay CHF 212 million ($232 million) to the Swiss federal government. The company said that the payment will be made in installments, starting in January 2013, with the last one taking place in 2015.