World’s largest iron ore producer Vale SA rose to its highest level since September after saying it obtained an injunction to block a court decision in a Brazil tax dispute.

The company’s preferred shares gained 2.6% to BRR 42.69 in Sao Paulo, their highest close since September 21.

Vale has risen 13% since the beginning of the year, beating the 11% increase of Brazil’s benchmark Bovespa Index.

Vale obtained an injunction blocking an unfavorable court decision related to taxes over net income generated by its foreign subsidiaries, the Rio de Janeiro-based company said in a regulatory filing late yesterday. The case will return to Brazil’s board of tax appeals, an administrative office know as CARF, and may reverse previous rulings it must pay about BTT 9.8 billion.

(Sourced from Bloomberg)