Brazilian miner Vale has reached an agreement with local authorities to pay up to some 11 billion reais ($1.78 billion) to renegotiate two railway concession contracts, the firm announced in a securities filing on Monday.
Brazil's government has been aiming to remove discounts given to rail companies by the previous administration when some received early contract renewals.
The company added that the agreement still awaits additional approvals, and will lead to an increase of 1.7 billion reais in its provisions related to railways concessions.
($1 = 6.1778 reais)