Vale plans to cut dividends

Vale S.A. (VALE) said that it plans to cut dividends to the lowest level in eight years in an attempt to shore up cash amid spiraling commodity prices.

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The company has proposed to its board a $2 billion minimum dividend payment for 2015, down from $4.2 billion last year.

The dividend, equivalent to $ 0.388095186 per share for both common and preferred shares outstanding, will be distributed in two equal tranches, on April 30 and October 30, 2015.

The Board of Directors will evaluate the proposal for each tranche in the meetings scheduled for April 14 and October 15, 2015.

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