Vale cuts dividend

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From Reuters here’s the future for BHP and RIO:

Brazil’s Vale SA said on Monday it plans to cut its dividend for the year by $500 million in order to help shore up the miner’s balance sheet in the face of weaker commodity prices, especially iron ore.

The company had initially said it would pay $2 billion in dividends in 2015, packaged in two installments. On Monday it said the second installment would be cut to $500 million from $1 billion.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.