ANTT Audits Vale's R$1.16 Billion Carajás Railway Investments and Seeks Project Details

ANTT is auditing R$1.16 billion in investments that Vale says it made on the Estrada de Ferro Carajás and has asked the miner to explain which projects the money covers and whether the amounts were correctly included in the concession's asset base, Folha reported. The review feeds into the settlement of Vale's contractual obligations, with talks over the two railways' renewals still open.

ANTT's Review of Vale's Carajás Records

The amount under question is tied to the accounting balance of 384 records made by the company, such as payments linked to works said to have been carried out on the Estrada de Ferro Carajás. The point to clarify is which Vale projects those assets came from. The check is linked to the early renewal of two railway concessions. ANTT is examining the Carajás and Estrada de Ferro Vitória-Minas contracts, signed in 2020 during the Jair Bolsonaro administration and extended to 2057. Under the Lula government, discussions over the contracts' values and obligations were reopened because the government considered the agreement favorable to the miner and demanded more to renew the concessions. In December 2024, Vale, the União and ANTT set the general basis for a settlement with a maximum global payment of up to R$11 billion by Vale, covering the review of old investments, changes to works and other obligations. The talks led to the early payment of R$4 billion to the União. Negotiations at the TCU ended without a definitive agreement, according to the Ministry of Transport, and discussions on the remaining points continue. Vale told Folha it "reafirma seu compromisso com as diretrizes e bases gerais para a otimização dos contratos de concessão ferroviária, estabelecidas no acordo de 30 de dezembro de 2024, e segue cumprindo integralmente suas obrigações contratuais". The company said the asset-base survey "é uma obrigação ordinária dos contratos de concessão e sua apuração técnica compete à ANTT" and that it does not comment on ongoing administrative processes. ANTT said the work "é uma etapa prevista no contrato de concessão" that "permite verificar quais bens estão vinculados à ferrovia e como devem ser considerados na base de ativos da concessão". "Os registros não são reconhecidos nem descartados automaticamente. A ANTT aplica os critérios técnicos definidos para que o cálculo das obrigações contratuais tenha base auditável e aderente às regras do contrato. A conclusão dependerá da análise dos registros e de sua documentação probatória", the agency said, adding that the case is "em fase de discussão técnica, de modo que não é possível antecipar possíveis resultados nesse momento".

What ANTT's Company Records Show

According to akta.pro company records, ANTT oversees 35 road concessions and 13 rail concessions in operation, and 555 million tons of cargo were transported via railways in 2025. The agency was founded in 2001 and is headquartered in Brasília. Its regulatory work includes a 2024 public consultation on the Weighted Average Cost of Capital framework used to set concession tariffs, with contributions accepted through November 1.

Earlier ANTT Regulatory Decisions

In September 2026, Motz and VBR Logística obtained injunctions to stop a 30-day suspension by ANTT for alleged violation of minimum freight rates, keeping their RNTRC registrations active while processes proceed, Folha reported. In August 2026, ANTT was developing a new resolution imposing stricter requirements on financial funds participating in federal highway concessions, aiming to prevent problems like the Reag fund that inflated Banco Master's assets, Neofeed reported.

Vale's October 1 Submission

On October 1, Vale delivered additional information on the location of the assets, their asset identification and their link to projects. In the spreadsheet submitted, 67 records, with a remaining balance of approximately R$92 million, appear classified as belonging to other projects and may be subject to an evaluation separate from the railway. The information remains under analysis.