Vale Holders Get $500 Million Windfall From Iron Ore Rally
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Vale SA, the world’s largest iron-ore producer, boosted this year’s planned dividend by 13 percent to $4.5 billion as prices for the steelmaking ingredient gain on surging Chinese consumption.
Holders of common and preferred stock will get about 43.7 cents a share as the second installment of the minimum dividend, which amounts to $2.25 billion after an additional $500 million payment is included, Vale said in a statement yesterday. That increases the total payment to shareholders this year to $4.5 billion, compared with a $4 billion target set by the Rio de Janeiro-based company on Jan. 28.