Brazil's Vale Proposes $250 Million Dividend; To Pay in December
November 28 2016 - 5:16PM
Dow Jones News
RIO DE JANEIRO--Brazilian mining firm Vale SA (VALE) on Monday
said it will pay a $250 million dividend to shareholders as an
anticipation of its 2016 mandatory payout.
The dividend amounts to about 5 cents a share, has a record date
of Dec. 1, and will be made starting Dec. 16, the company said.
A recovery in iron-ore prices in recent months has heralded a
major recovery in Vale's shares, which are up 168% on the year.
Vale said the dividend is in accordance with a new shareholder
remuneration policy that gives management the option of proposing
dividends at any time of year.
"The improved perspective of our business and the generation of
better-than-expected cash flow support the approval of shareholder
remuneration," the company said.
Write to Paul Kiernan at paul.kiernan@wsj.com
(END) Dow Jones Newswires
November 28, 2016 17:01 ET (22:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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