Brazilian iron ore producer Companhia Vale do Rio Doce (Vale) has confirmed that the company is in talks with Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) to resolve a long-running dispute over the Casa de Pedra iron ore mine.
Vale said in a statement, "So far no document has been signed between the two parties and Vale will keep the market and its shareholders updated regarding the potential conclusion of such an agreement."
Vale has been in a dispute with its erstwhile business partner CSN over the Casa de Pedra mine via Brazil's antitrust regulator, CADE, since the two companies mutually divested interests in the mining operations nearly five years ago.
In 2005, CADE excluded a preferential right for Vale to acquire all excess iron ore produced at Casa de Pedra. Since then, Vale has demanded financial compensation for its lost rights.
Casa de Pedra produces high-grade ore with an iron content of up to 68 percent.