While Vale has taken steps in recent years to shield itself from state intervention, the government is still indirectly the company’s largest shareholder through a Banco do Brasil pension fund, known as Previ. As Brazil’s largest exporter and a producer of raw materials, Vale is heavily reliant on key agreements with the government like railway concessions, mining licenses, and favorable foreign policy. On Sunday, Renan Calheiros, a candidate for Senate president, tweeted that he supported the dismissal of Vale’s top executives.
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