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Reuters and other news outlets reported last week that Lula wanted former Finance Minister Guido Mantega to be appointed to a board seat at the mining giant or even as its chief executive.

Vale’s share price dropped in reaction to the reports.

Silveira’s comments to journalists on Friday followed a report from newspaper Folha de Sao Paulo saying Mantega would release a letter dropping out of the race for a potential role at Vale.

Mantega could not be immediately reached for comments.

Silveira added Lula would never interfere in a publicly traded company. The minister denied any personal involvement in a government recommendation about who should sit on Vale’s board.