According to international media reports, Brazil-based Vale will set aside R$1.6 billion (US$920 million) in collateral for Brazilian back taxes. SteelOrbis has previously reported that Vale plans to appeal claims that it owes the Brazilian government R$9.8 billion (US$5.6 billion) in back taxes stemming from earnings from its non-Brazilian subsidiaries between 1996 and 2002.
Vale is still fighting the accusations that it owes the Brazilian government US$5.6 billion and plans to continue to dispute.