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Wednesday, February 19, 2014

Vale may sell fertilizer project if no tax accord reached, (NYSE: VALE)

Vale SA may sell a fertilizer project in Brazil's northeastern state of Sergipe unless the largest mining company in the Americas reaches an accord with municipal authorities there over taxes, Chief Executive Officer Murilo Ferreira said on Wednesday. Ferreira, speaking at a Senate hearing in Brasilia, Brazil's capital, said shareholders "cannot be subject to fiscal uncertainties" about the project. The company is looking for an accord over taxes that makes the project financially and operationally feasible for all parties involved, he added.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE remained unchanged at $14.47. In the past year, the shares have traded as low as $12.39 and as high as $19.41. On average, 17960300 shares of VALE exchange hands on a given day and today's volume is recorded at 13500.