Brazil's Vale, the world's largest iron ore miner, was fined 33.6 million Brazilian reals (19.1 million U.S. dollars) for contesting antitrust conditions, authorities said Tuesday.
Vale, previously known as Companhia Vale do Rio Doce SA, or CVRD, rejected conditions imposed by national antitrust regulators in August 2005, when they approved its purchase of four smaller mining companies.
A federal appeals court late Monday overturned an injunction blocking the conditions, which has finally led to the penalty after over two years of wrangling.
Vale immediately announced that it would appeal.
The company had been ordered to either sell its Ferteco mining unit, or forfeit a preferential right to buy iron ore from a mine owned by steelmaker Companhia Siderurgica Nacional SA, or CSN.
It later succeeded in seeking injunctions to overturn the conditions in court.
Source:Xinhua
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