Brazil's Vale to pay $2.5 bln in dividends in 2008
Tue Jan 22, 2008 5:25am EST
reuters.com
SAO PAULO, Jan 22 (Reuters) - Brazilian mining giant Vale (VALE5.SA: Quote, Profile, Research)(RIO.N: Quote, Profile, Research) said on Tuesday its management had approved a proposal to pay out $2.5 billion in dividends this year, a 33 percent increase over the amount it paid in 2007.
The payout, which is equal to 51 cents per share, would be made in two instalments, one on April 30 and another on Oct. 31, the company said in a statement.
Vale, the world's largest producer of iron ore, said it will now submit the proposal to its board of directors for final approval.
Vale, which until recently was known by the acronym CVRD, paid $1.875 billion in dividends in 2007 and $1.3 billion in 2006. (Reporting by Todd Benson; Editing by Quentin Bryar) |
