Vale, mining industry oppose Brazil’s indigenous land bill (NYSE:VALE)

Vale, mining industry oppose Brazil’s indigenous land bill (NYSE:VALE)

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Vale (VALE +1.7%) has joined the opposition to the Brazilian government’s plans to allow mining on indigenous lands, calling for free, prior and informed consent by local communities, Bloomberg reports.

Companies are joining environmental groups in opposing the bill, which is expected to be put to a vote in Brazil’s congress next month and follows criticism of a government decree to support artisanal miners, whose operations often lack permits and endanger rainforests.

The government-backed bill would pit informal miners with little consideration for environmental matters against the formal industry that needs to show its green and community credentials to access capital, Instituto Socioambiental’s Marcio Santilli told Bloomberg.

Separately, Vale announced a multiyear supply deal with European battery developer Northvolt for low-carbon nickel products from its Canadian operations.

Vale has pledged to invest $4B-$6B to cut a third from its absolute carbon emissions by 2030, as part of efforts to become net zero by 2050.

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