On December 31, Geloonghui reported that Vale SA, the Brazilian mining company, announced on Monday that it has reached an agreement with the local government to pay up to approximately 11 billion reais (about 1.78 billion US dollars) to renegotiate two railroad concession contracts, which were extended to 2057 in 2020. As one of the largest iron ore producers globally, Vale SA's negotiations with the Brazilian government regarding railroads are directly related to transportation costs, the stability of the mineral supply chain, and the company's performance.