Vale tax deal to cost 1 percent of annual revenue for 15 years

An overview of Ferro Carajas iron ore mine in the Carajas National Forest in Parauapebas
An overview of Ferro Carajas mine, the world's largest iron ore mine, operated by Brazil's Companhia Vale do Rio Doce, in the Carajas National Forest in Parauapebas, Para State, May 29, 2012. REUTERS/Lunae Parracho

SAO PAULO (Reuters) - Vale SA's (VALE5.SA) tax settlement with the Brazilian government will cost the world's No. 1 iron ore producer the equivalent of 1 percent of annual revenue for the next 15 years, executives said on a conference call on Monday.

(Reporting by Jeb Bllunt and Sabrina Lorenzi; Writing by Guillermo Parra-Bernal; Editing by Gerald E. McCormick)