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May 29, 2012

Vale sells Colombia coal mines to Goldman Sachs-led group

SAO PAULO (Reuters) – Brazilian miner Vale (VALE5.SA: Quote, Profile, Research)(VALE.N: Quote, Profile, Research) said on Monday it agreed to sell its thermal coal assets in Colombia for $407 million (259.9 million pounds) to a unit of Colombian Natural Resources, a mining company controlled by U.S. investment bank Goldman Sachs (GS.N: Quote, Profile, Research).

Vale, the world’s second-biggest miner, is shifting its focus away from thermal coal mining to concentrate on its operations in coking coal, a type of coal used by steel mills,

May 29, 2012

Vale sells Colombia coal mines to GS-led group

SAO PAULO (Reuters) – Brazilian miner Vale (VALE5.SA: Quote, Profile, Research, Stock Buzz)(VALE.N: Quote, Profile, Research, Stock Buzz) said on Monday it agreed to sell its thermal coal assets in Colombia for $407 million to a unit of Colombian Natural Resources, a mining company controlled by U.S. investment bank Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz).

Vale, the world’s second-biggest miner, is shifting its focus away from thermal coal mining to concentrate on its operations in coking coal, a type of coal used by steel mills,

May 10, 2012

Brazil raises soy crop view after aggressive cuts

SAO PAULO, May 10 (Reuters) – The soybean forecast from
Brazil’s agriculture ministry on Thursday bounced back by more
than a million tonnes, after the government overshot in April
when it slashed more than 3 million tonnes from an earlier
estimate of the drought parched crop.

The ministry’s crop supply agency Conab said in its eighth
forecast of Brazil’s grain output that the 2011/12
(September-October) soybean crop would reach 66.7 million
tonnes, up 1.1 million tonnes from the agency’s April estimate
of 65.6 million tonnes.

Apr 26, 2012

Vale sees higher tax bills ahead

SAO PAULO, April 26 (Reuters) – Vale, the world’s
largest iron ore miner, expects demand and prices for its main
product to recover through 2012, but is likely to face bigger
future tax bills that would make it harder to capitalize on any
improvement in metal markets, company executives said.

Chief Executive Murilo Ferreira said on Thursday in a
post-results conference calls with analysts that Vale expects to
meet the company’s 2012 estimates for sales of 310 million
tonnes of iron ore, its main revenue earner, despite poor sales
in the first quarter.

Apr 19, 2012

New prosecutor seeks to stop Chevron Brazil ops

RIO DE JANEIRO (Reuters) – A new prosecutor in the case against Chevron Corp and drilling firm Transocean Ltd for an offshore oil spill said Thursday he will seek to suspend the companies’ operations in Brazil, a sign that he may be just as tough on the companies as his predecessor.

Prosecutor Celso de Albuquerque Silva said he was seeking the injunction on grounds that the companies’ activities are dangerous to the environment and society. Chevron and Transocean face a combined $22 billion in lawsuits, and several executives face prison, because of two incidents in which oil leaked off Brazil’s coast in November and March.

Apr 18, 2012

Brazil prosecutor stripped of Chevron court case

SAO PAULO, April 18 (Reuters) – The Brazilian federal
prosecutor pressing criminal and civil litigation against
Chevron Corp and drilling-rig operator Transocean Ltd
for an offshore drilling accident has lost control of
the cases.

A judge moved a criminal case against Chevron and Transocean
to a court in Rio de Janeiro, a court document said on
Wednesday, removing crusading prosecutor Eduardo Santos de
Oliveira from the proceeding.

Mar 30, 2012

Analysis: Brazil commodity exporters under friendly fire in “currency war”

SAO PAULO (Reuters) – In its latest bid to slow dollar inflows in a “global currency war,” Brazil has dealt an unexpected blow to its own commodity exporters, choking off medium-term trade financing at a vulnerable time for the sector.

Brazil – a source of much of the world’s sugar, coffee, soy, beef and iron ore – has imposed a series of taxes on foreign capital over the past year to slow what President Dilma Rousseff called a “tsunami” of cheap money flowing from the rich world.

Feb 24, 2012

Brazil plans $38 bln ethanol financing to 2015

SAO PAULO, Feb 24 (Reuters) – Brazil’s government
announced an aggressive plan on Friday to raise flagging ethanol
output over the next four years by showering the sector with 65
billion reais ($38 billion) in subsidized credit.

The government will allocate funds via banks to mills and
independent growers for the expansion and replanting of older
cane whose yields have fallen. Credit will also be available to
build up ethanol stockpiles.

Feb 22, 2012

Brazil Cosan buys into control of ALL railway

SAO PAULO, Feb 22 (Reuters) – Cosan,
Brazil’s biggest sugar and ethanol group, agreed to pay more
than double the market price for 5.7 percent of America Latina
Logistica (ALL), a railway serving agricultural areas of Brazil
and Argentina.

ALL controls a 21,000-kilometer railway network
that links major agricultural regions in southern Brazil and
northern Argentina with the key ports of Santos, Paranagua and
Buenos Aires. A lack of suitable roads, rail links and ports has
been one of the main limits to growth of Brazilian agriculture.

Feb 15, 2012

Impact of downed Brazil grains loader looms

SAO PAULO, Feb 15 (Reuters) – The risk of bottlenecks
for soy and corn exports from Brazil, one of the world’s top
suppliers of the commodities, is growing each day the country’s
main grain terminal at Santos Port is shut down due to a
collision with a ship late on Monday.

The impact of the impaired terminal on world food and
futures markets is still small while harvesting of grains in
Brazil remains nascent, a port official said.

    • About Reese

      "I'm a ten-year Reuters commodities reporter in Brazil. The economic coming of age of the emerging markets has elevated the importance of the country's mineral and agricultural potential. After a decade here, I still feel as though I've only scratched the surface in understanding the country's wealth and diversity in commodities markets ranging from soybeans, sugar, coffee and orange juice to iron ore, petroleum and timber."
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