Vale wins injunction barring Brazil tax debt payment

Brazil's highest court suspended on Wednesday the payment of about 24 billion reais in back taxes by mining company Vale , handing the world's largest iron ore producer a temporary victory in a dispute ...

BRASILIA (Reuters) - Brazil's highest court overturned an injunction that had suspended collection of disputed tax claims from Vale SA , the world's largest iron-ore producer, the company said on Thursday, adding it would appeal the ruling. The miner is fighting four tax bills issued by the federal tax authority, totaling 30.5 billion reals ($15.83 billion) on its earnings abroad. Vale said this is tantamount to double taxation as it paid taxes to foreign governments. ...

BRASILIA (Reuters) - Brazil's highest court overturned an injunction that had suspended collection of disputed tax claims from Vale SA , the world's largest iron-ore producer, the company said on Thursday, adding it would appeal the ruling.

Brazil's highest court overturned an injunction that had suspended collection of disputed tax claims from Vale SA , the world's largest iron-ore producer, the company said on Thursday, adding it would ...

By Colin Lokey:Brazilian mining company Vale (VALE) is the world's largest producer of iron ore and the world's second largest mining company. Additionally, it is the world's number two producer of nickel and manganese. Shares of the company hit a 52 week low of $24.08 on August 11. Though the stock has recovered a bit since then (it trades at around $27 as of Friday), the shares still fetch just 5.76 times S&P's 2011 EPS estimate of $4.68.

By Osman Gulseven: By Ishtiaq Ahmed

By Trefis: Vale (NYSE:VALE), the world’s largest iron ore producer has recently had to contend with a slow down in the global economy that could weigh on steel demand, consequently hurting the demand for iron ore, and concerns over pricing contracts as major buyers have balked at existing contracts. This morning it posted solid quarterly results though pricing for iron ore eased, which could be an item to watch going forward.