Reuters reported that Brazilian President Mr Luiz Inacio Lula da Silva will meet the head of mining giant Vale next week amid tensions between the company and the government, which may slap an export tax on iron ore.

It may be noted that Vale has faced harsh criticism in recent months from government leaders, including Mr Lula, for not investing enough in Brazil, fueling speculation he is seeking to force out the company's chief executive Mr Roger Agnelli.

Mr Lula said that Vale was preparing to announce another set of investments, without offering details, only days after the company unveiled more than USD 5 billion in new outlays in efforts to stave off the torrent of criticism. He added that "I'm going to meet with him on Monday in Sao Paulo, where he's going to present Vale projects, they're important investments and I'll wait for him to announce them."

(Sourced from www.reuters.com)