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Vale’s CEO: Debt has to be reduced by half

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Fabio Schvartsman, the  new CEO  of Brazil’s  giant mining Vale has said to the Financial Times it must halve net debt to less than $10bn if the company is to become a “results-orientated” one. He also said  there would be a better chance of restarting the Samarco iron ore mine — where two years ago happened Brazil’s biggest environmental catastrophe and which it owns 50:50 with BHP Billiton — if Vale were able to take control.