Reuters: Regulatory News: STXNEWS LATAM-Brazil govt approves mining concession for Vale

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STXNEWS LATAM-Brazil govt approves mining concession for Vale May 28th 2013, 13:05 Tue May 28, 2013 9:05am EDT The Brazilian government approved a new mining concession allowing Vale, the world's second largest miner, to develop a 387-hectare iron ore deposit in Minas Gerais state, according to a decree in the official gazette on Tuesday. The concession is subject to compliance with an annual output of 20 million tonnes per year on reserves of 64.9 million tonnes. Work should begin within six months, the decree said. Mining investments have been held up in Brazil as firms wait for a new mining code. The proposed changes to the industry have still not been presented to Congress and the government is now including a clause in new concessions requiring firms to comply with the future code.

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