The mining industry’s lobby group had complained for years that not being allowed to deduct royalties amounted to double taxation and deterred investment.
The metal is poised for the first monthly advance since May on concerns that power shortages and supply-chain snarls will keep inflation persistently high.
While Vale produced more than analysts expected last quarter as part of an ongoing recovery from a 2019 tailings dam disaster, sales lagged production.
The number of deaths in the world’s top platinum-group metals miner rose to 55 between January and Oct. 28 this year, from 43 in the same period last year.