(MENAFN- AFP) Brazilian mining giant Vale said it had accepted a tax amnesty offer from the government that will see it pay the state the equivalent of 7.1 billion euros.
The world's largest miner of iron ore said in a statement that the payout will affect its 2013 net earnings to the tune of 6.6 billion euros.
The government had said the company owed twice as much in taxes, interest and penalties.
The accord covers the period running from 2003 to 2012.
Vale will make the payout in phases.
Its managing director Murilo Ferreira said the company will be able to pay just from its regular cash flow, without going into additional debt, and shareholders will get a dividend as scheduled.
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