Vale says Brazil iron royalty hike could hurt high-cost mines

Brazil's Vale, the world's largest iron ore producer, said on Thursday that a hike in the country's royalty rates for the mineral could compromise its ability to maintain high-cost mines and would hurt its ability to compete. Congress passed the higher royalties in votes on Wednesday with the bill now moving to President Michel Temer for signature. Vale said in a statement that it hoped Temer would veto some of the changes to the proposal made by Congress.