Brazil Discards Iron export Tax Following Vale Talks
Brazil has scrapped a proposal to enforce an iron export tax after mining company Vale decided to increase investments in Brazil under pressure from the government.
The government, however, is still contemplating a hike in mining royalties that is being opposed by the industry because it would affect investment in the sector.
The Brazilian iron ore producer decided to increase its investments in 2010 to $12.9bn, a 30percen hike, following an announcement to invest $5.6bn in the state of Minas Gerais by 2015, according to Mining Weekly Online. Read more
