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DJ Brazil's Lula To Meet Vale Pres Agnelli Monday - Estado

Posted on: Fri, 16 Oct 2009 13:46:00 EDT

Symbols: VALE

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RIO DE JANEIRO, Oct 16, 2009 (Dow Jones Commodities News via Comtex) --
VALE | Quote | Chart | News | PowerRating -- Brazil's President Luiz Inacio Lula da Silva will meet with the president of mining colossus Vale SA (VALE, VALE5.BR) Monday, the Estado news agency reported Friday.

Lula told Estado that he would discuss the company's investment plans with Vale's president Roger Agnelli.

"He will give me a presentation of Vale projects on important investments, and I hope that he will announce them himself," said Lula.

Lula also denied reports earlier Friday that his government was considering imposing an export tax on minerals.

"What I want is for Vale, which is an important company, not to think that it is only in the government's interest to make things happen. Big companies also have to make things happen and Vale knows its own importance. What I want is the creation of jobs," said Lula.

Contacted by Dow Jones Newswires, the president's press office said Lula had no meeting on his agenda, but he would be in Sao Paulo Monday attending the "Most Admired Companies" event.

Vale is likely to be one of those companies.

Contacted by Dow Jones, a Vale spokesman said they couldn't confirm Agnelli would be meeting Lula Monday.

Lula was upset late last year when Vale was quick to lay off workers at the height of the global financial crisis.

The Brazilian president also recently criticized Agnelli for not investing more in Brazil and creating more local jobs. Lula has said he wanted more value to be added to raw materials within Brazil instead of exporting them.

A number of state governors have also repeated Lula's criticism and have urged Vale to invest in more local steel mills.

-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; John.Kolodziejski@dowjones.com

(END) Dow Jones Newswires

10-16-09 1346ET

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