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Vale Add Flexibility to Long Term Iron Ore Contracts

Apr 20 2009

Companhia Vale do Rio Doce (Vale) clarifies it is making its long term iron ore commercial contracts conditions flexible. Currently, Vale is receiving 80% of the sales in cash and 20% will be received at a latter date while 2009 benchmark price settlement is not concluded.

Provisory sales prices are equivalent to 80% of 2008 benchmark prices and they will be adjusted afterwards, according to 2009 benchmark price negotiation outcome.

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