Audit court allows early renewal of Vale iron ore railway

Thursday, 30 July 2020 00:25:09 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale said this week the nation’s audit court, TCU, has allowed the company to extend ahead of time two existing iron ore railways for a further 30-year period.

Vale said the court has now forwarded the process to the Brazilian ground transportation agency, ANTT, and to the Brazilian Ministry of Infrastructure, so they can evaluate the court’s recommendations and grant the contract extension.

Vale said TCU’s analysis was an essential step for the company and the Brazilian government to sign the contract additions.

Vale said the contracts for its two iron ore railways, Estrada de Ferro Vitoria a Minas (EFVM) and Estrada de Ferro Carajas (EFC), the later transporting iron ore from and to its Carajas mine, would expire in 2027. However, with an early contract renewal, the two contracts would be extended to 2057.

Vale said its board will still evaluate the technical and administrative conditions required for Vale to extend the existing contracts.


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