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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Taikun who wrote (60495)	2/22/2005 11:32:11 AM
From: elmatador	Read Replies (2) of 74559

CVRD proposes $1bn dividend for 2005 Posted Tue, 01 Feb 2005 Brazilian mining group Companhia Vale do Rio Doce (CVRD), the world's largest iron ore miner, announced on Tuesday that its executive officers would submit to the board of directors a proposal for payment of a minimum dividend of $1-billion to shareholders for the year 2005. The payment would be made in two equal installments — on April 29 and October 31 2005. The minimum dividend proposed for 2005 represents an increase of 82 percent from the $550-million announced for last year, and is 28 percent more than the total dividend in 2004. World's largest iron ore miner In the period 2001 through 2004, CVRD invested $6.4-billion and also distributed dividends of $3.1-billion. During this period, the average dividend yield was 5.8 percent and the total shareholder return, which includes both dividends distributed and the share price increase, was 38.9 percent per year reflecting the recognition by the capital markets of the process of value creation that has been incorporated into the execution of CVRD's long-term strategy. "The proposed minimum dividend of $1-billion and the financing of the company's $3.3-billion capital expenditure plan for 2005, announced on January 18, 2005, are coherent with the cash flows that CVRD is expecting, and also with maintenance of prudent levels of financial leverage and interest coverage," CVRD said in a statement.

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