Vale reaches $1.8 billion agreement with Brazil authorities over railway concessions

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)